Most cryptocoins are gonna crash to zero dollars – Goldman Sachs says

The past few days were brutal for the cryptocurrency world. The lowest point was reached on Tuesday when a value of some $550 billion was wiped off the market and Bitcoin was as low as $6000 per coin for the first time since November. The research firm of Goldman Sachs does not seem surprised of this situation. Steve Strongin, head of global investment research, even indicates that most cryptocurrencies will fail and crash to a value of zero.

Cryptocoins crash

Cryptocurrency bag (public domain)

Cryptocurrency market is internet bubble
That’s Strongin’s opinion after Bitcoin’s disastrous decline down to the 6000 dollar. He compares the current cryptocurrency market with the so-called internet bubble at the end of the nineties. At that time there were quite some search engines on the market, most of which have disappeared mercilessly from the face of the earth.

A few cryptocoins can still rise
We now know that Google was the big winner. The company survived but became much more valuable than the rest by adopting a completely different form. The question is which cryptocurrencies will become a Google and which will disappear. Strongin goes on to explain that although we are dealing with a speculative bubble, it does not immediately mean that the value of a handful of survivors can not still rise. However, that also means that most cryptocoins will never climb back to their recent highlights.

They are simply swallowed whole about an hour before you plan to have sex. continue reading for source order cialis Sesame seed, enriched with beneficial minerals is a safe herbal remedy to cure premature ejaculation viagra 50 mg problem. You have the freedom to choose, so take advantage of it. seanamic.com ordering levitra from canada Nine percent above where the generico cialis on line seanamic.com popular stock market index sits today, But considering its slope, any textbook rebound should run out of steam in the 1,260-1,270 range, and be followed by a re-testing of the August 2011 low of 1,101. Strong correlation between cryptocurrencies – reason for worries
What crypto analysts finds particularly worrying is the connection between various digital currencies. Contrary to what you would normally expect from such a market, new cryptocurrencies do not cause the value of old cryptocurrencies to drop. All cryptocurrencies seem to move together as a single entity. That would mean that if something goes wrong, then it goes wrong for everyone. Incidentally, no timeframe is given for when we could expect the drastic crash.

Blockchain technology will play an important role
Although Strongin does not have much trust in most cryptocurrencies, he is pleased with the development of the underlying blockchain. He indicates that this technology clearly has a role to play in improving the world of financial transactions. The expert adds that the current technology is not advanced enough to support the required speed of the market transactions.

It does not look too rosy for most digital currencies. Most will die quickly, while a handful will dominate. The key question is what crypto coin will prove to be the new Google in the field. If you bet well, you could add yourself to the list of 19 richest people in cryptocurrency.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.