Cryptocurrency is still growing quite commendably and at the moment, there are more than 3000 different digital assets. However, it would seem like not everyone is bullish about the growth and survival of all of these currencies. According to Ripple CEO Brad Garlinghouse, only about 1% of all digital currencies will eventually survive.
Speaking to Bloomberg during a recent interview, the CEO said that there are one too many cryptos and only a few among them actually look to provide real-world scenarios and uses cases, therefore ensuring their survival. Garlinghouse believes this small number will continue to evolve and become significantly more efficient and generally usable, while the others will phase out.
The CEO further explained that the reason why there is such a large number is because of the nascent nature of the sector. As with new industries, everyone wants a piece.
“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.”
The number of cryptocurrency project entering the market is on a steady increase and every now and then, there’s a new token sale. Each new entrant usually promises to offer something better than all the others, especially with scalability but a lot the time unable to prove their worth. With over 3,000, chances that newer ones can make a difference get slimmer every day.
Ripple is however still pressing on with its partnerships and its goal of spreading XRP adoption.
Image Credits: Pixabay
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