Former U.S. Securities and Exchange Commission Chairman Gary Gensler has cautioned that all cryptocurrencies except Bitcoin are highly speculative with little fundamental support. He made these comments in an interview with Bloomberg. The remarks come amid Bitcoin's rebound toward $92,000 after a turbulent week.
Gary Gensler, who previously led the SEC, stated in a Bloomberg interview that cryptocurrencies other than Bitcoin qualify as highly speculative assets backed by minimal fundamentals. This perspective highlights his ongoing skepticism toward much of the crypto market, which he has regulated stringently during his tenure.
The timing of Gensler's comments aligns with recent market movements. Bitcoin has shown resilience, climbing back toward $92,000 following a volatile period. This week featured turbulence in the bond market and shifts among institutional investors, contributing to broader financial uncertainty.
Gensler's views underscore a divide in perceptions of digital assets. While Bitcoin is often viewed as a more established commodity-like asset, other cryptocurrencies face criticism for lacking solid economic foundations. His statements serve as a reminder of regulatory scrutiny in the sector, potentially influencing investor sentiment amid ongoing market fluctuations.