After the crypto crash, here's what industry experts are waiting for next
Cryptocurrency companies dominated the main street at the World Economic Forum in Davos this year
The recent bear market in cryptocurrency was welcomed by industry players as they said it is a chance to get rid of the bad actors and focus on building products.
Many said they expect thousands of cryptocurrencies to collapse.
The high-profile presence from the industry came even as the cryptocurrency market crashed.
It was sparked by the collapse of the so-called algorithmic stablecoin called terraUSD or UST, which saw its sister token luna drop to $0 in May.
Thousands of cryptos could collapse
There are currently over 19,000 cryptocurrencies and dozens of blockchain platforms in existence.
Brad Garlinghouse, CEO of cross-border blockchain firm Ripple, predicted there may only be "scores" of cryptocurrencies left in the future.
Betrand Perez, CEO of the Web3 Foundation, likened the current state of the market to the early internet era, and said there were lots of "scams" and many "were not bringing any value."
Believe it or not, the cryptocurrency industry welcomed the recent market crash, which saw major tokens like bitcoin fall more than 50% from their all-time highs.