Ripple CEO Garlinghouse claims world ‘doesn’t need 2,000 cryptocurrencies’

Ripple chief Brad Garlinghouse believes a lot of cryptocurrencies will die out in 2020 if they can't prove a real-world use case

Ripple CEO Brad Garlinghouse has claimed that the world “doesn’t need 2,000 cryptocurrencies” and that 2020 will be a “survival of the fittest” type of year.

In his 2020 forecast, Garlinghouse said that next year will see banks “offer, hold, and trade” cryptocurrencies, while there will be an increase of government-backed cryptocurrencies and central bank digital currencies (CBDCs).

He went on to claim that a lot of cryptocurrency companies will exit the market in 2020 if they don’t prove to have a use case other than speculation.

“The world doesn’t need 2,000+ digital assets,” he said.

“While I don’t think there will be one coin to rule them all, it’s clear that if an asset doesn’t have a proven use case beyond speculation, it is not going to survive.”

The 48-year-old has endured a turbulent year in 2019, with sceptics lamenting Ripple’s alleged OTC token sales and claiming it’s the reason behind XRP’s dramatic fall in price.

Moreover, there have also been murmurs about XRP’s status as a security, which would put Garlinghouse in breach of SEC regulations. However, he has adamantly told his adversaries that “XRP is not a security“.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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