Brett Harrison, head of crypto exchange FTX.US, predicts that most of today’s blockchains will be marginalized by the market in the future.
In a new interview with the Thinking Crypto YouTube channel, Harrison said he expects significant consolidation as there are now hundreds of unique blockchains in the space.
“Here are a few simple guesses about which I have very weak faith. First, I think we will see consolidation in the blockchain space. We won’t have 200 different blockchains. I think we’re going to end up with a couple that’s really good and mostly used, and the others will just disappear.”
Harrison then evaluated which specific projects would survive, noting that he had his eye on smart contract platforms Solana (SOL) and Avalanche (AVAX), in addition to industry top names such as Bitcoin (BTC) and Ethereum (ETH).
“Bitcoin probably still exists because it is the first. Ethereum probably still exists because it is the first truly smart contract-based blockchain. There are a handful of layer-1 (blockcahin) competing for longevity spots. I think these are things like Solana and Avalanche, and we’ll see which of these actually run out over time.
Some of this will be the benefits of real technology, and some of it is just, where are the apps that destroy it being created?’ will be a part of it”
The head of FTX.US also took a long-term view of the amount of money and business invested in the blockchain space, despite the daily price fluctuations in the market.
“Think of all the institutional capital, venture capital, that has gone into crypto over the last few years. Millions of dollars. Regardless of what asset prices are doing right now, you know that investment, intellectual capital and technological advancements are happening.
I think this is a long term bullish for the space. It’s hard to guess what this means for asset prices in the short term, it’s not my area of expertise. I feel pretty good about the growth of this industry and the technology that develops depending on how much effort is spent.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.