99% of all cryptocurrencies will eventually be worthless, as Ripple CEO Brad Garlinghouse believes.
Too many cryptocurrencies on the market?
In an interview from Bloomberg on November 5, Garlinghouse says there are currently too many different cryptocurrencies explaining why he assumes that in the end, only 1% will remain.
The small remaining number of crypto projects that will eventually take precedence will be revolutionary, according to Garlinghouse, as they add real value to their users which in turn will help them gain significant market shares.
Crypto-hype has caused inflation supply
According to Garlinghouse, the inflated number of cryptocurrencies is currently being created by the pure hype that surrounds the industry. [1
"When a new market comes into existence, many rush in to prove that their product is a real problem […] I had previously predicted that probably 99 % of all cryptocurrencies in the end will be worthless. "
Garlinghouse criticizes SWIFT
During the interview, Garlinghouse also criticized the community of Worldwide Interbank Financial Telecommunication (SWIFT), accusing it of excessive transaction volatility.
He refers to an article by Ripple, where the company calculates that the company's own cryptocurrency XRP is only involved in the payment. "one-tenth of the volatility of an average SWIFT payment
In July 2019, SWIFT again announced that it had set a new record of 25 seconds on average for processing international payments in Asia, with the shortest transaction time of just 13 seconds.  Similar payments were between SWIFT Global Payments Innovation Platform and Singapore-based payment platform FAST, as previously reported, SWIFT will also allow blockchain companies to use their GPI platform in the future.