The former chairman of the US Securities and Exchange Commission (SEC) Gary Genler warns that the future of Crypto-Activa Non-Bitcoin (BTC) looks bleak.
In a new interview on the Squawk Box of CNBC, Gensler says that most Altcoins miss a solid economic foundations and are almost completely stuck by sentiment, so that they bring a high risk of a sudden collapse.
‘If you were interested [crypto]Think of [how] Every financial actual acts acts a bit fundamental and sentiment, but this field is almost 99% – or perhaps one could say 100% – sentiment and very little about Fundamentals. And although something like Bitcoin can persist for a long time, because there are 7 billion people around the world, there are a real sharp interest in it, there are 10,000 or 15,000 others of these tokens, and to think through your own risk, your own personal risk, about where are the basic principles, and if this is just about sentiment, then the most … goes down …
Think of these 10,000 or 15,000 other tokens, and just about the economy, only on the basic principles, what are the basic principles? “
When asked whether Bitcoin (BTC) is a case other than the tokens for which he warns, Gensler compares the flagship Crypto caps with gold, and notes that of the eight precious metals that exist, most people only care about gold and silver.
“I think the distinction is similar to in metals, there are only two or three precious metals. We humans have a certain fascination for two or three precious metals such as gold. I don’t think we humans will have a fascination for 10,000 or 15,000 meme or sentiment tokens acting over the years.”
https://www.youtube.com/watch?v=p65notdp9yc
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Surf the Daily Hodl -Mix
Generated image: dalle3
