"Crypto firms say thousands of digital currencies will collapse"

" \n Crypto firms say thousands of digital currencies will collapse \n \n\n \n Several cryptocurrency industry players have told CNBC that thousands of digital tokens are likely to collapse while the number of blockchains in existence will also fall over the coming years. \n \n\n \n There are more than 19,000 cryptocurrencies in existence and dozens of blockchain platforms that exist. A blockchain platform, such as Ethereum, is the underlying technology that many of these different cryptocurrencies are built upon. \n \n\n \n The recent collapse of so-called algorithmic stabelcoin terraUSD and its associated digital token luna, which sent shockwaves through the market , has thrust a spotlight on the thousands of cryptocurrencies in existence and whether they will all survive. \n \n\n \n \u201cOne of the effects of what we\u2019ve seen last week with the Terra issue is we\u2019re at the stage where basically there are far too many blockchains out there, too many tokens. And that\u2019s confusing users. And that\u2019s also bringing some risks for the users,\u201d Bertrand Perez, CEO of the Web3 Foundation, told CNBC at the World Economic Forum in Davos, Switzerland, last week. \n \n\n \n \u201cLike at the beginning of the internet, you were having lots of dotcom companies and lots of them were scams, and were not bringing any value and all that got cleared. And now we have very useful and legit companies.\u201d \n \n\n \n Brad Garlinghouse, CEO of cross-border blockchain payments company Ripple, said there is likely to be \u201cscores\u201d of cryptocurrencies that remain in the future. \n \n\n \n \u201cI think there\u2019s a question about whether or not we need 19,000 new currencies today. In the fiat world, there\u2019s maybe 180 currencies,\u201d Garlinghouse said. \n \n\n \n Guggenheim Chief Investment Officer Scott Minerd added further pessimism last week when he said that most crypto is \u201cjunk\u201d but that bitcoin and ethereum would survive. \n \n\n \n The comments from the industry come as the cryptocurrency market continues to feel pressure. Bitcoin is off more than 50% from its record high it hit in November, with many other digital tokens sharply lower from their all-time highs. \n \n\n \n Many different blockchain platforms from Ethereum to Solana are vying for a leadership position in the industry. But Brett Harrison, CEO of cryptocurrency exchange FTX U.S., said the hundreds currently in existence will not all survive. \n \n\n \n \u201cWhen you think about the blockchains ... there probably won\u2019t be hundreds of different blockchains in 10 years, I think there\u2019ll be a couple of clear winners for different kinds of applications,\u201d Harrison said. \n \n\n \n \u201cAnd we\u2019ll see the market ... sort that out over time,\u201d he added. \n "

"Crypto firms say thousands of digital currencies will collapse"

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