Gensler Claims Bitcoin Has Longevity—Other Cryptocurrencies Are Expected to Diminish

Gary Gensler, the former Chair of the U.S. SEC, has shared his belief in Bitcoin’s long-term prospects, particularly when compared to altcoins. During his tenure, he was known for his strict regulation of the cryptocurrency sector, launching several enforcement actions against exchanges and crypto experts. In his first public interview after leaving his position at the SEC, Gensler provided insights into the state of the cryptocurrency market. During an interview on CNBC’s Squawk Box, Gensler candidly evaluated the landscape of digital assets, clearly distinguishing Bitcoin (BTC) from the multitude of tokens that have emerged since its introduction in 2009. He was straightforward regarding the outlook for most altcoins. He stated, “If this is merely based on feelings, then typically, those situations don’t turn out positively.” And the majority of them fail. This was a straightforward evaluation from an individual who dedicated four years to opposing what he frequently referred to as non-compliant and hazardous cryptocurrency behaviors. Bitcoin: The Exception. Gary Gensler faced significant regulatory examination regarding cryptocurrencies, comparing Bitcoin to gold, which is widely acknowledged as a lasting and universal asset for preserving value. “If this piques your interest,” he started, “consider how each type of financial asset is influenced by both fundamental factors and market sentiment.” However, this sector is primarily driven by sentiment, accounting for nearly 184%, or arguably 100%, with minimal emphasis on fundamentals.