Ripple CEO Brad Garlinghouse thinks Bitcoin’s influence on the cryptocurrency market will wane as soon as the characteristics of other coins become common knowledge, CNBC reported today.
At present, cryptocurrency prices are highly correlated with bitcoin (Bitcoin: BITCOIN), the first and most famous of the thousands of digital currencies that exist. According to Garlinghouse, that relationship will become obsolete as soon as markets begin to acknowledge the differences between digital assets.
"It's still a nascent industry, the speculation in the market dominates the trading activity... I think it's a matter of time until people better understand the different use cases," Garlinghouse commented.
The CEO also predicted a seemingly inevitable market correction, stating that 99 percent of “[coins] that don't actually solve a real problem are going to get washed out”.
By Nadya Astam