Most Cryptocurrencies Are Doomed to Fail

Crypto Winter Worsens: 99% of Tokens Predicted to Go to Zero

In a stark warning to crypto enthusiasts, a prominent fund manager has predicted that a staggering 99% of existing cryptocurrency tokens will eventually go to zero. The dire forecast comes as the crypto market continues to struggle with a prolonged downturn, leaving many investors wondering if the bubble has finally burst.

According to a report by CNBC, fund manager and crypto expert, Mike McGlone, made the prediction during an interview with Bloomberg. McGlone, who has been tracking the crypto market for over a decade, believes that the majority of tokens are nothing more than "junk" and will ultimately fail to deliver on their promises.

"The majority of these tokens are just noise, and they're going to go to zero," McGlone said. "The ones that are actually doing something, like Ethereum, are the ones that are going to make it."

McGlone's prediction is based on his analysis of the current market conditions and the lack of fundamental value driving the majority of tokens. He points out that many tokens were created solely for speculative purposes, without any underlying value or utility.

"It's like a game of musical chairs, where the music stops and people are left holding the bag," McGlone said. "The ones that are going to survive are the ones that have real value, like Ethereum, and the ones that are going to do something."

The warning comes as the crypto market continues to struggle with a prolonged downturn. Bitcoin, the largest cryptocurrency by market capitalization, has lost over 70% of its value since the start of the year, while other tokens have seen even steeper declines.

While some investors may be tempted to dismiss McGlone's prediction as overly pessimistic, others may be forced to take a hard look at their portfolios and consider the potential risks and consequences of investing in tokens that may ultimately go to zero.

As the crypto market continues to evolve and mature, investors are left wondering if the worst is yet to come, or if the market is finally bottoming out. One thing is certain, however: the road ahead will be fraught with uncertainty and risk, and investors would be wise to approach with caution.