In the first day of FinTech Ideas Festival, Dan Schulman the CEO of PayPal and Ripple CEO Brad Garlinghouse were speaking about digital currency.
They spoke about the implementation of blockchain technology, the development of banks, about using virtual currency, etc.
Ripple CEO Brad Garlinghouse said : Actually, there are 2,147 cryptocurrencies on CoinMarketCap, most of which multiple percentage increases over the past few weeks. However, just because many of these cryptocurrencies have seen high gains, this doesn’t mean they’re secure investing in.
See below, a video of the US Bank Policy Organization:
Majority of Coins and Tokens Will Go Away”
In FinTech Ideas Festival were discussed a lot of interesting topics on blockchain technology, but what really surprising to us is what Garlinghouse said for the most of cryptocurrencies.
Schulman made Garlinghouse a question about the prospects of integrating many different blockchains like Bitcoin (BTC), Ethereum (ETH), and others together.
To this, Garlinghouse replied:
“There’s something like 2,000 different tokens and by definition ‘different blockchains,’ and I think that 99% of them go away.”
“Most of them, are going to go away. A lot of them were created with an unclear use case or a use case that hasn’t proven out. You see that to some there is no liquidity. Ultimately in the digital asset space, liquidity is important to success.”
Will Today’s Coins and Tokens Survive?
When Bitcoin rised up, the total crypto market follows pump in price. Therefore, today’s cryptocurrencies may end up existing a while longer if the price oscillation we’ve been seeing are the start of a transition period into a bull market.