Gensler Warned of Crypto Crash Week Before Paul Atkins Takes SEC Helm
Right before Paul Atkins stepped in as the new SEC chair, Gary Gensler, the outgoing chair, shared some bold predictions about the future of crypto.
In a recent interview with CNBC, Gensler was upfront about his thoughts on the state of the cryptocurrency market.
He said while Bitcoin might have a place as “digital gold,” the majority of crypto tokens out there are likely heading for collapse, arguing that they hold “no intrinsic value.”
Gensler pointed out that there are over 10,000 cryptocurrencies on the market, but most of them don’t really have anything solid backing them up. He said they’re mostly driven by hype and speculation, which isn’t a good foundation for something that’s supposed to hold value.
“This…
