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The former president of the American Securities and Exchange commission (SEC) Gary Gensler warns that the future of assets Crypto non-bedcoin (BTC) seems dark.
In a new interview on the Squawk box of CNBC, Gensler says that most of the altcoins lack solid economic fundamentals and are almost entirely supported by feeling, which exercises them at high risk of sudden collapse.
“If you were interested (crypto), think about (how) each type of financial assets of transactions on a little fundamentals and feeling, but this area is almost 99% – or perhaps you could say 100% – feeling and very few fundamental. Risk, your own personal risk, where are the fundamental principles, and if it is just a question of feeling, then generally these do not end well, and most, then, go down …
Think of these 10,000 or 15,000 other tokens, and just about the economy, just on fundamental principles, what are the fundamentals? »»
When asked if Bitcoin (BTC) is a different case from that of the tokens he warns, Gensler compares the flagship asset of gold crypto, noting that on the eight existing precious metals, most people only care about gold and silver.
“I think that the distinction is similar to metals, there are only two or three precious metals. We, humans, have a certain fascination for two or three precious metals like gold. I do not think we, humans, fascinates us fascinates us for 10,000 or 15,000 jets or feelings over the years.”
https://www.youtube.com/watch?v=P65NOTDP9CY
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