Today’s cryptocurrencies will go to zero, but stronger digital currency may still emerge,
Goldman Sachs said that most of the cryptocurrencies may fall but not the all. In a Q & A round head of Global Investment Research, Steve Strongin said that he believes Cryptocurrencies will ultimately fall to zero as current iterations are “too primitive” to be viable in long term.Transactions are too lengthy and costly. And above all the cybersecurity is also an issue.
“Whether any of today’s cryptocurrencies will survive over the long run seems unlikely to me, although parts of them may evolve or survive,” Strongin said.
“Because of the lack of intrinsic value, the currencies that don’t survive will most likely trade to zero.”
An example was given by him of the late 90s “dotcom bubble”. Many of the early winners then such as Pets. Com and eToys.Com have fallen. Something may happen in Cryptocurrency as well. He again said that it does not mean that current prices can’t increase for a handful of survivors. Strongin said, “at the same time, it probably does not mean that most, if not all, will never see their recent peaks again.”
After Strongin comments Bitcoin prices are up to $8,300 after a dip to under $ 6000.