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Coinpaper 2025-04-17 18:18:08

Ex-SEC Chief Gensler Predicts Prosperity for Bitcoin and Doom for Altcoins

Ex-SEC Chief Gensler Predicts Prosperity for Bitcoin and Doom for Altcoins

In a recent interview to CNBC, Gensler noted that bitcoin's longevity can be attributed to the high global interest in it. ”Something like bitcoin can persist for a long time because there are 7 billion people on the planet and there's a real keen interest in it,” he said. The remarks came in response to questions about the crypto industry's reaction to the cessation of lawsuits and investigations initiated during his tenure as head of the SEC from 2021 to 2025. It was under Gensler that the regulator took a tough stance on cryptocurrency regulation - numerous enforcement actions were launched against exchanges, token issuers and other cryptocurrency organizations. While the former SEC chief refrained from commenting directly on the dismissal of these cases, he turned his attention to broader trends in the cryptocurrency market. ”I'm going to step back a little bit from the specific cases and say the following to your audience. This is a tiny part of the financial markets, but in case you are wondering: any financial asset is traded partly based on fundamentals, partly on speculative sentiment. This same area is almost 99%, maybe all 100% sentiment and very little fundamentals,” Gensler emphasized. The former chairman advocated a thorough risk assessment of assets. In his view, the main focus should be on project fundamentals. Moreover, he warned that many assets are driven primarily by sentiment. As a consequence, such tokens, he said, are usually not viable and are likely to lose value over time. When asked if bitcoin should be lumped in with other cryptocurrencies, Gensler drew an analogy to precious metals, alluding to bitcoin's unique position in the crypto world. ”There are only two or three precious metals. We humans have a special interest in two or three precious metals like gold,” he noted. Gensler believes that the vast majority of cryptocurrencies, especially those driven by trends, memes or public sentiment, will not attract long-term interest. Only a few, like bitcoin, will stand the test of time, he said. Despite the optimistic outlook, the former SEC chief said he himself does not own bitcoin or other cryptocurrencies. Gensler's remarks reflect the ongoing debate about the legitimacy and longevity of cryptocurrencies. Bitcoin has already gained ground as a savings vehicle, but many altcoins cannot demonstrate the same level of acceptance.

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