When most people think of cryptocurrency, their minds would likely go to bitcoin, litecoin, ether or one of the top 20 cryptocurrencies which dominate the industry and receive the most attention from the public. At the same time, it should be noted that there are over 3,000 cryptocurrencies in existence, many of which most people have not ever heard of and which makes the crypto market quite saturated at the moment. When the future of cryptocurrency is discussed, it is often about how many of these many cryptocurrencies will survive into the future and which of them will become the most dominant as time goes on.
According to an interview published November 5, 2019 Brad Garlinghouse, the CEO ripple, states that 99 percent of cryptocurrencies in existence will eventually go extinct and only 1 percent of them will be see dominance within the market in the future.
Dead and Gone
Garlinghouse stated in his interview that they are too many cryptocurrencies in existence and that the only ones that will survive in the future are those that are innovative and solve real-life problems for their consumers. According to him, the 3000+ crypto coins that exist are due to the fact that there is a lot of hype around the crypto ecosystem and this causes a lot of unnecessary and gimmicky projects to go off the ground but that most of them will eventually fall to zero.
“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,” he said.
It should be noted the cryptocurrency is an emerging industry and like any emerging industry, there will be many who buy into it simply because of the hype surrounding it and as a means to make quick money. This can be likened to the Internet in the early 2000’s with many companies springing up, most of whom did not survive into the future. Cryptohas also become a bit of a trend with many private companies and individuals and so on launching their own cryptocurrency for the sake of it and many of these will not last.