Gensler former SEC Chairman “Most altcoins may disappear…Only BTC might survive”

Former SEC Chairman Gary Gensler With A Skeptical Stance On Altcoins (Source: WSJ)

Former U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler Gave A Pessimistic Outlook On The Future Of Altcoins. In An Interview With CNBC, He Stated, “Bitcoin May Survive, But Most Other Cryptocurrencies Won't Last Long.”

Gensler Pointed Out That The Cryptocurrency Market Is Overly Driven By Speculative Tendencies. He Emphasized, “Financial Assets Are Basically Affected By Fundamentals And Market Psychology. But Cryptocurrencies Lack Fundamentals And Mostly Move Due To Pure Expectations And Speculative Sentiment.”

In Reality, For Many Altcoins, Investors Often Don't Even Know What They're Buying, And Many Projects Are Not Sustainable. However, He Mentioned About Bitcoin, “It Still Garners Global Interest And May Be An Asset With Long-Term Viability.”

Gensler's Remarks Came Amidst The Trump Administration's Recent Moves To Ease Cryptocurrency Regulations, Coinciding With An Overheated Speculative Fever In The Altcoin Market, Gaining Even More Attention. It Is Also Evaluated That It May Raise Investor Awareness.