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"Only 1% of all cryptocurrencies will survive"

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

9659004] As Ripple CEO explains, there are currently more than 3,000 different crypto-wahs, of which, however, few have real added value for their users. Accordingly, Garlinghouse notes that many of these crypto projects will go away in the future, he says:

"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. [19659004] 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.

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