Gary Gensler: Bitcoin is head and shoulders above other cryptocurrencies

Former US Securities and Exchange Commission (SEC) Chairman Gary Gensler declared Bitcoin superior to other digital assets, acknowledging the growing popularity of the leading cryptocurrency among investors.

Gensler stated that he has never owned Bitcoin or other digital assets. Senior SEC employees are discouraged from owning cryptocurrencies to avoid conflicts of interest. Even several months after leaving his post as SEC Chairman, Gensler has no plans to buy Bitcoin in the near future, calling it a “highly speculative” asset.

Still, Bitcoin's volatility aside, it stands head and shoulders above other cryptocurrencies, Gensler noted. There are numerous crypto projects, but they must prove their worth in practice to remain relevant in the long term. If altcoins lack a fundamental foundation, they won't last long, the former SEC chairman believes. He compared Bitcoin's rise to the interest in gold, suggesting that the first cryptocurrency could also become mainstream, just like the precious metal.

“Bitcoin is a highly volatile asset, but seven billion people want to trade it. Just as the world has used gold for 10,000 years, we have Bitcoin,” Gensler said.

Before assuming the SEC chairmanship in 2021, Gensler taught a course on “Blockchain and Money” at the MIT Sloan School of Management. Gensler stated that three-quarters of crypto assets are not securities. Under his leadership, the SEC initiated numerous lawsuits against crypto companies and exchanges, accusing them of trading unregistered securities.

Gensler recently explained that tough measures against industry companies were necessary to protect investors from financial losses and fraud. According to Gensler, most cryptocurrencies have no economic value.

Source: cryptonews.net