Brett Harrison, CEO of the US arm of cryptocurrency exchange FTX, said that given that there are almost 20,000 projects in the Bitcoin and altcoin space, most of them may not be long-lived. Apart from Harrison, there are many famous names who think that most cryptocurrencies will not survive. Meanwhile, famous investor Tim Draper reiterated his $250,000 prediction for Bitcoin. Here are the details…
Will most altcoins crash?
Speaking of the sheer number of cryptocurrencies on the market, Harrison said, “When you think of blockchains… in 10 years there probably won’t be hundreds of different blockchains, I think there will be a few clear winners for different kinds of applications and we’ll see the market.” Other experts in the cryptocurrency industry also believe that thousands of cryptocurrencies will become extinct and the number of blockchains will decrease in the coming years.
According to Brad Garlinghouse, CEO of fintech company Ripple, only cryptocurrencies “points” can exist in the future. Guggenheim Chief Investment Officer Scott Minerd, who previously predicted that Bitcoin could drop to $8,000, stated that most cryptos are “garbage”, but that Bitcoin and Ethereum will survive.
As we reported on Kriptokoin.com, the recent market-shaking collapse of Terra’s algorithmic stablecoin UST and sister token LUNA has focused attention on the myriad cryptocurrencies in existence and whether they will all survive. According to those in the crypto industry, stablecoins are likely to be regulated as governments worldwide assess the risks in the space. Last month, US Treasury Secretary Janet Yellen encouraged officials to pass laws governing stablecoins.
Tim Draper believes that Bitcoin will exceed $250,000
The price prediction was made for Bitcoin, which is the most likely to agree that experts will survive. Tim Draper, a famous investor, previously set a price target of $250,000 for Bitcoin. But the current price is just under $30,000 and it doesn’t look like we’ll see Draper’s prediction this year. That’s why, in an interview with Scott Melker, also known as “Wolf of All Streets,” Draper was asked if he thought the $250,000 prediction would come true this year. “Yes, at the end of this year or the beginning of next year,” the investor replied.
He later explained why he thought this would happen. Draper said that women will start using Bitcoin, but he is not sure when. But he said that as women start using BTC, the number of Bitcoin investors will increase. It is reported that only 1 out of every 6 BTC investors is a woman. Draper thinks stats will sync in the future.
Draper later revealed that women manage 80 percent of its retail business and spending. So, according to the investor, if they start using Bitcoin and retailers realize that by accepting BTC, they can save the 2 percent cost of bank credit cards, then everything could change.
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