Capriole Fund founder Charles Edwards expressed skepticism about the practical uses of cryptocurrencies in 2024 and questioned the real-world application of Solana SOL/USD Ethereum ETH/USD and others.
What Happened: Edwards sees Bitcoin BTC/USD hodling and meme coin gambling as the only two active use cases. He added, “DeFi dead. NFTs dead. Cross-chain / L2s dead. Gaming dead. Farming dead. ICOs dead. NFTs dead. Supply chain dead.”
Edwards further stated that this cycle has been the least promising for crypto development since the launch of Ethereum in 2015. He identified Bitcoin, stablecoins and futures arbitrage as the only high-value products in the current scenario.
Also Read: Bitcoin, Ethereum ETF Inflows ‘Will Change The Mood Completely,’ Says Trader: ‘Up Often, Up Only’
Why It Matters: Edwards’ comments reflect a growing concern about the practicality of cryptocurrencies beyond speculative investment. He noted the damage inflicted on market participants in 2018 and 2022 due to fraud, manipulation and pain across non-Bitcoin assets.
Other analysts have previously called the real-world utility of cryptocurrencies into question, with one calling crypto assets an “unhinged casino.”
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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