Outgoing SEC Chair Gary Gensler on Wednesday warned of the highly speculative nature of the cryptocurrency market, saying the vast majority of the 10,000-15,000 existing crypto projects “will not survive.”
What Happened: In an interview with Bloomberg, Gensler said he has been around finance for over four decades, and everything in the markets trade on a mixture of fundamentals and sentiment at any given time.
“I’ve never seen a field that’s so much wrapped up in sentiment and not so much about fundamentals,” he said and added, “these 10,000 to 15,000 projects (which are in the crypto market), many of them will not survive,” comparing them to high-risk venture capital investments that are likely to fail.
Gensler’s comments reflect his long-held view that the crypto market is rife with speculation, scams …Full story available on Benzinga.com
Gary Gensler Says 10,000-15,000 Projects Won’t Survive, Crypto Market Is ‘Wrapped Up In Sentiment’
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