In a shocking statement Brad Garlinghouse, chief executive of Ripple Labs, said that 2020 would see fewer cryptocurrencies.
Garlinghouse, in the last episode of the YouTube show, The Ripple Drop, said that the year 2020 would be a year of consolidation for cryptocurrencies. He attributes this to quality, demand, and relevance.
“The world doesn’t need 3000+ cryptocurrencies out there, and I think the utility will bear out that there will be a migration to quality if you will [and] technologies and cryptocurrencies that can scale with market demands and real-use cases”
Garlinghouse didn’t name specific cryptocurrencies to survive or disappear. However, he expects most would go away.
“And I think you’ll see consolidation, where there’ll be fewer than 3,000 for sure. We can argue how low that number can go. I’ve said publically that I thought 99% would go away.”
This is not a one-man prediction, Larry Cermak, director of research at The Block, predicts the same, albeit for liquidity reasons.