Ripple boss Brad Garlinghouse has said he does not think all cryptocurrencies will survive.
His warning comes after Bitcoin has dramatically seen its value plunge throughout 2018 from a record high of nearly £15,000 in December 2017 to now under £7,000.
Speaking at the Goldman Sachs’ Technology and Internet Conference yesterday, Mr Garlinghouse said he believes “most” digital currencies will eventually lose all their value.
He said: “It’s not clear what the use case is.
“It’s not clear the what value proposition is.
“Long term value will be dictated by the utility of that asset.”
He warned cryptocurrencies are too unpredictable to be widely used due to largely being unregulated and with very volatile price markets.
The lack of regulation means the value of Bitcoin is suspect to rapid change.
In 2018 a number of countries have introduced new rules for using the original cryptocurrency which is believed to have affected its market performance.
South Korea introduced a raft of…