As many as 99% of all cryptocurrencies will likely go to zero, according to a new prediction by Ripple CEO Brad Garlinghouse.
There are too many crypto projects, says Garlinghouse
In an interview with Bloomberg released Nov. 5, Garlinghouse claimed that there are too many cryptocurrencies so far, forecasting that only 1% of all crypto is here to stay.
That small number of crypto projects will be game-changing and grow significantly in the decades since they will be focused on solving real problems for real customers, Ripple CEO declared.
Growth is caused by the hype around the market
According to Garlinghouse, the growing number of digital assets is caused by the hype around the crypto ecosystem.
Noting that there are more than 3,000 digital assets that trade on a daily basis to date, Ripple CEO hinted that very few will actually be able to meet customer needs, arguing that the vast majority of them “probably goes to zero.” He stated:
“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need.”
Criticizing SWIFT’s “transaction volatility”
In the interview, Garlinghouse has also criticized the Society for Worldwide Interbank Financial Telecommunications’ (SWIFT) so-called “transaction volatility,” elaborating that such phenomenon means a “calculation of time and volatility.”
In July 2019, SWIFT announced a successful trial of instant cross-border transfers in Asia, claiming that the instant payment pilot performed payments taking up to 25 seconds, with the fastest taking 13 seconds.
The tests involved interaction between SWIFT’s Global Payments Innovation instant payment platform and Singapore’s domestic instant payments solution FAST. As previously reported, SWIFT will allow distributed ledger technology firms to use its GPI platform.