Alex Bentley, a Medium contributor and blogger, has expressed an unpopular theory that 99% of cryptocurrencies will fall to zero value over the next decade.
Bentley joins a choir of critics who are predicting the complete demise of the overwhelming majority of cryptocurrencies within the next decade.
He uses the recent crash of the TerraUSD token as an example of what can go wrong in just hours. TerraUSD and its token Luna lost their value in practically 48 hours, rendering many investors suicidal and unsure about the future.
While some investors have clung on, Bentley believes that this is a form of denial. Hype will not help save cryptocurrencies, Bentley adds, as the currencies themselves are unsustainable because they are not pegged to anything real.
The fact that stablecoin Terra crashed despite being attributed to the US dollar, is indicative of what to expect.
Bentley continued by equating crypto to gambling. Investing in cryptocurrencies, he argued, is much worse than placing your money on the traditional stock market.
Bentley may have a point about how gambling has proliferated around cryptocurrencies, but this is not necessarily all bad.
In fact, companies such as Bitcasino, Stake.com and FortuneJack still provide players and customers with one of the best and safest gambling experiences available on the internet.
Bentley does warn that cryptocurrencies are a high-risk and very speculative form of investment and they should be treated as such by investors with conventional wisdom.
The promise of making money quickly is not a smart investment – it is an incredibly risky move that could have very serious repercussions to investors’ financial stability, the writer warned.