Fred Erasm, one of the founders of the Coinbase cryptocurrency exchange, caused a collapse in the crypto market after warning that most cryptocurrencies and assets “will not succeed” and that “within 3 to 5 years most NFT (non-exchangeable) currencies will lose most of their value, if not the The whole thing. ” Arsem left Coinbase in 2017, but remains on the board and holds an estimated 9% of its shares.
The crypto market is responding with declines, andBitcoin Is currently trading below the $ 34,000 level. That was just a week after the currency soared to $ 41,000 when he founded Tesla Elon Musk Announced that the company would consider accepting Bitcoin as payment if mining of at least 50% of it is possible from green energy. This is a decrease of more than $ 30,000 since April, when Bitcoin set a record of about $ 65,000 per unit.
The rest of the cryptocurrencies joined the declines, with etherium trading around $ 2,000 (compared to about $ 2,500 last week), the dogecoin falling from 33 cents to just 25 cents, and the ripple, which recently crossed the dollar threshold and has only weakened since, has already reached To 70 cents per unit.
Erasmus told an interview in Bloomberg this week that there will be millions more coins and crypto assets, just as there are millions of websites, and that “most of them will not work.” As for NFT assets and currencies (digital assets that utilize the technology underlying the blockchain to create digital “tokens” each with non-copyable identification marks. 3-5 years of most of their value – if not all of it. ”