Former SEC Chairman Gary Gensler Predicts Bitcoin’s Longevity While Casting Doubt on Majority of Altcoins

In a recent statement, ex-SEC Chair Gary Gensler expressed confidence in Bitcoin’s enduring presence in the cryptocurrency market, contrasting it with his skepticism toward the sustainability of most alternative digital assets. Gensler, known for his regulatory expertise, highlighted Bitcoin’s established position and resilience, suggesting that many altcoins may not withstand evolving market dynamics and regulatory scrutiny. His remarks underscore a broader debate about the future of cryptocurrencies beyond Bitcoin, with implications for investors and industry participants navigating an increasingly complex landscape.

Also Read: Gary Gensler to Step Down as SEC Chairman

Gary Gensler Speaks Up on Crypto, Warns of Altcoins’ Future

In the first three months of the year, the United States has been applauded for its continued cryptocurrency shift. Indeed, the country has sought to introduce regulation and legislation that support the industry’s growth within its borders. Moreover, much of that work has come in the form of undoing a hyper-aggressive administration that came before it.

Ex-SEC chair Gary Gensler had long been the face of that anti-crypto sect, and he is now speaking out regarding Bitcoin and altcoins. He has recently discussed his perspective on the asset class. Specifically, what he believes will come for the future of the digital finance sector.

Also Read: If You Invested $5000 In Bitcoin During Its Recent Halving, Here’s Your Return

“Something like Bitcoin may persist for a long time because there’s 7 billion people around the globe, a real keen interest in it,” Gensler said in a CNBC interview. However, he warned that what has happened with Bitcoin is unlikely to be repeated across several assets.

“This is a very small part of the financial markets,” Gensler said. “But, if you were interested in this, think about every financial asset sort of trades on a bit of fundamentals and sentiment. But this field is almost 99, or maybe one might say 100%, sentiment and very little on fundamental.”

Altogether, Gensler said that Bitcoin will be the gold of the crypto market. Regarding the arrival of competitors, he expected their presence to be slim in comparison. “Theres only two or three precious metals. We humans have a certain fascination with two or three precious metals like gold,” he noted in comparison.