Get ready for most cryptocurrencies to hit zero: Goldman Sachs
The cryptocurrency decline that has erased nearly $ 500 billion of market value over the past month could worsen, according to Goldman Sachs
Hong Kong: The drop in cryptocurrencies that has wiped out almost $ 500 billion in market value over the past month could be much worse, according to Goldman Sachs, global director of investment research.
It is unlikely that most digital currencies will survive in their current form, and investors should be prepared to lose their value as they are replaced by future competitors, Steve Strongin said in a February 5 report. . Although he did not set a deadline for losses on existing parts, he said that recent price fluctuations indicated a bubble and that the tendency of different parties to move was not rational.
"The strong correlation between different cryptocurrencies worries me," Strongin said. "Due to the lack of intrinsic value, currencies that do not survive will probably be zero."
According to Strongin, current digital parts lack longevity due to slow transactions, security problems and high maintenance costs. He said the introduction of the future regulated bitcoin has not responded to these concerns and rejected the idea of a first-player advantage, noting that few of the great travelers of the Internet bubble have survived the late 1990s.
"Will any of the cryptocurrencies of today be an Amazon or a Google, or will they end up like many search engines now dead? Just because we are in a speculative bubble does not mean that current prices can not increase for a handful of survivors," Strongin said. . "At the same time, it probably means that most, if not all, will never see their recent peaks again."
Strongin was more optimistic about the blockchain technology behind digital currencies, saying it could help improve financial books. But even there, he issued a note of caution, arguing that current technology still does not offer the speed required for market transactions.
Hong Kong: The drop in cryptocurrencies that has wiped out almost $ 500 billion in market value over the past month could be much worse, according to Goldman Sachs, global director of investment research.
It is unlikely that most digital currencies will survive in their current form, and investors should be prepared to lose their value as they are replaced by future competitors, Steve Strongin said in a February 5 report. . Although he did not set a deadline for losses on existing parts, he said that recent price fluctuations indicated a bubble and that the tendency of different parties to move was not rational.
"The strong correlation between different cryptocurrencies worries me," Strongin said. "Due to the lack of intrinsic value, currencies that do not survive will probably be zero."
According to Strongin, current digital parts lack longevity due to slow transactions, security problems and high maintenance costs. He said the introduction of the future regulated bitcoin has not responded to these concerns and rejected the idea of a first-player advantage, noting that few of the great travelers of the Internet bubble have survived the late 1990s.
"Will any of the cryptocurrencies of today be an Amazon or a Google, or will they end up like many search engines now dead? Just because we are in a speculative bubble does not mean that current prices can not increase for a handful of survivors," Strongin said. . "At the same time, it probably means that most, if not all, will never see their recent peaks again."
Strongin was more optimistic about the blockchain technology behind digital currencies, saying it could help improve financial books. But even there, he issued a note of caution, arguing that current technology still does not offer the speed required for market transactions.
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