Just how long with the slide continue for cryptocurrency market? The global head of investment research at Goldman Sachs is warning that Bitcoin and other cryptocurrencies could drop all the way down to zero.
In a report written by Goldman Sachs’ Steve Strongin dated Feb. 5, the investment expert predicted the long-term prospects for much of the current cryptocurrency market are essentially non-existent—only a small number of coins will survive.
Strongin didn’t go so far as to set a time frame for when coins will start disappearing but did say the way the markets have moved indicates that not all of the hundreds of cryptocurrencies currently in circulation will be able to continue to operate.
According to the analyst, the cryptocurrency market hasn’t been behaving rationally. Many of the coins move in near synchronicity, increasing and decreasing in value together. That isn’t sustainable for a market where only a few coins can truly “win.”