The Global Head of Research at Bitwise Asset Management and President at ETF.com Matt Hougan expressed his opinions on cryptocurrencies and how he thinks most of them will die while speaking for an interview that we are reading about more in our crypto news.
While talking for an interview with Bloomberg, Matt said:
“There are 2,000 cryptocurrencies out there, 95 percent of them are useless and will die a painful death” and concluded. The sooner that happens, the better.”
According to him, there is a lot of ‘’bubble-related bad activity’’ on the crypto market right now and he hopes for that to clear up. He also said that he expects for many importuning things to be coming to the crypto industry from what will be left after most of the cryptos die out.
Hougan pointed out that he is extremely bullish on crypto assets in comparison to blockchain and he even compared the current state of blockchain to the one of the internet:
“If you remember the early days of the internet …everyone was really excited about corporate intranets…People thought corporate intranets were the thing. The analogy between an open internet which people are like no one will trust that…”
He still thinks however that the private blockchains have a very important role because they are able to permit faster settlements and could also turn out to be a perfect solution to mortgage management.
When he was asked about initial coin offerings, he said that most of the ICOs are scams and said that people should and already are going to jail for illegitimate ICOs but that doesn’t mean the there aren’t any legitimate ones.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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