his thoughts about the cryptocurrency market at large in a recent interview with Bloomberg.
Scott stated that because the industry is still emptying itself, thus, investing in cryptocurrencies may not be a good long-term investment opportunity. Furthermore, Minerd also predicted that everything may end up like the Dot-com bubble in the late 1990s.According to him, the market will “flush out” several pointless ventures and retain only those that offer specific use-cases to the financial network.
“I think it’s going to have to deflate further, and we’re going to have something similar to the collapse of the Internet bubble where we have a chance to sort out who are the winners and who are the losers here. And I don’t think we have fully flushed out the system yet.”, “strong” digital assets would withstand the upheaval while the useless ones will be destroyed.