News 95% of Cryptocurrencies Will die a Painful Death

95% of Cryptocurrencies Will die a Painful Death

-

- Advertisment -

A leading executive at digital asset investment firm Bitwise Asset Management said on Tuesday that the overwhelming majority of cryptocurrencies will disappear in the near future.

Speaking on a Bloomberg podcast, Matt Hougan, Global Head of Research at the firm, said that 95 percent of cryptocurrencies are going to fail.

Asia Trading Summit – The Leading Investment Event in China

“95 percent of [cryptocurrencies on the market],” said Hougan, “will die a painful and deserved death.”

But it’s not all doom and gloom in the world of blockchain.

Hougan also said that Bitwise plans on taking advantage of those failing firms.

Prior to joining the asset management firm, Hougan worked heavily on exchange traded funds (ETFs).

In fact, working for ETF.com, the Bitwise executive saw ETFs rise from being something of a new idea to being a multi-trillion dollar market.

Significantly, he worked on developing the world’s first ETF ratings and analytics service.

Bitwise crypto ETF

Though it may be focusing on cryptocurrencies, as opposed to the broader financial markets, Bitwise is still working on something akin to an ETF.

The company claims to have launched the first cryptocurrency index fund in the world.

And on top of that, Hougan is going to be working on developing the company’s cryptocurrency ETF.

That ETF will be comprised of ten different cryptocurrencies.

Whether or not that will be successful remains to be seen.

The Securities and Exchange Commission has repeatedly rejected applications to create a cryptocurrency ETF.

Just a couple of weeks ago, Cboe withdrew its application to establish an ETF with the SEC.

Representatives of the SEC have said in the past that the American regulator is unlikely to give its approval to a cryptocurrency ETF until the market stabilises.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that allows users to buy and sell their Cryptocurrency in a...

Network Security Using Cryptography: Everything you need to know

This article will describe what is Network Security Using Cryptography and everything you need to know before...

Mercuriex Cryptocurrency Exchange Launches New Utility Token, SURF

MercuriEx Cryptocurrency Exchange, originally developed in 2017, came under new ownership in December 2019. Since taking over the exchange,...

Fungibility: Bitcoin Mixers Favorite Term That No One Understands

Fungibility, perhaps the most important concept when dealing with a decentralized and anonymous currency, but does bitcoin...
- Advertisement -95% of Cryptocurrencies Will die a Painful Death

Crypto can’t thrive in the real world – but stablecoins can

We can safely say that the hype about cryptocurrencies is pretty much over. The claims of Bitcoin...

How to double your crypto

Most of us have a small gambler deep inside our souls. We love to feel the thrill...

Must read

Make Fast and Secure Trades Using Bitengo.io

Bitengo.io is a Cryptocurrency trading platform that...
- Advertisement -95% of Cryptocurrencies Will die a Painful Death95% of Cryptocurrencies Will die a Painful Death

You might also likeRELATED
Recommended to you