Get rich quick crypto investors in for a nasty surprise

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There is so much “fervor” out there, he said, and a scenario where you have 20 top currencies that have at least $1 billion (£750 million) in market value, meaning “you can create a coin with a great meme and you have a token with $1 billion (£750 million) in market value”.

“Generally, in the long-term it’s OK, but in the short-term not so much, because a lot of people are going to lose a lot of money,” he told an audience during the Yahoo Finance All Markets Summit: Crypto event, which took place yesterday. “In the long run, however, it’s OK, because for every person interested in getting rich quickly, there is another person who is interested in the technology.”

The Co-founder of Interchange Dan Held weighed in, saying that volatility has brought in a lot of mainstream players, “while in the past the space was limited to niche hobbyists.”

This is a good thing because many new types of products will be created attracting more types of customers; “some crypto assets will rise, some will fall, what we can bet on is the volatility.”

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.