Updated on:12/03/2025 04:22 PM 
Leading figures from major blockchain and cryptocurrency organizations have shared their insights with financial media, expressing a consensus that the current market downturn will result in the elimination of thousands of digital assets following recent volatility in the sector.
The digital asset landscape currently features numerous blockchain networks hosting over 19,000 different cryptocurrencies, a figure that industry leaders believe is unsustainable for the long-term health of the ecosystem.
As the blockchain payment sector continues to evolve, executives from the most prominent crypto enterprises concur that this excessive number of projects cannot persist, and the aftermath of recent market events will naturally filter out the majority of blockchains and thousands of digital currencies in the coming months.
Bertrand Perez, Chief Executive Officer of the Web3 Foundation, drew parallels between the current state of cryptocurrency and the early days of the internet:
"We're witnessing a similar pattern to what happened during the internet's formative years," Perez explained. "Back then, numerous companies emerged without providing substantial value to users. Just as those enterprises eventually disappeared, I believe many tokens and blockchain networks will face a similar fate in the cryptocurrency space."
Brad Garlinghouse, Chief Executive Officer of Ripple, questioned the necessity of such an extensive array of digital currencies:
"In traditional finance, we have approximately 180 fiat currencies worldwide. The question we must ask ourselves is whether the cryptocurrency ecosystem truly requires over 19,000 different currencies," Garlinghouse remarked. "I anticipate the development of a comprehensive evaluation framework for surviving digital assets, enabling the community to effectively measure and determine the intrinsic value of each coin.
