CEO of Giant Software Company Palantir Makes a Statement on Cryptocurrencies!

Palantir Technologies Co-Founder Joe LonsdaleHe said that although most cryptocurrency projects defraud users, there is a bright future for blockchain technology.

Palantir Co-Founder Predicts There Will Be Many More Cryptocurrency Firms To Live Out FTX’s Destiny

Joe Lonsdale, Co-Founder of software company Palantir Technologies, thinks that many crypto companies will go bankrupt in the future because most of them operate like a pyramid scheme.

However, he believes that blockchain technology will continue to be an important part of the future financial system as it provides a “new and important way” to move money globally.

According to Lonsdale, the lack of relevant rules in the cryptocurrency industry and the assumption that most projects in this space operate as a pyramid scheme are prerequisites for future crashes like FTX.

“Overall, I think most projects will crash. This is what you would expect in any situation where unregulated things happen.”

The crypto industry has been flooded this year with companies filing for bankruptcy for different reasons. Palantir’s Co-Founder argued that many of these organizations are too corrupt and named FTX as one of them.

Despite the turbulence in the space and claims that many companies are willing to defraud users, Lonsdale thinks cryptocurrencies can bring certain benefits to the monetary network.

He is also an ardent advocate of blockchain technology, saying it allows people to transfer money online without relying on a central third party like a government or banking institution.

The publicly traded American software and analytics company Palantir Technologies entered the crypto ecosystem last year by adopting Bitcoin as a means of payment. It has also considered purchasing a primary digital asset or other assets to keep on its balance sheet.

*Not investment advice.