But the fintech expert added cryptos are increasingly valid assets, particularly during economically turbulent times.
He said: ”However, the factors that are driving consumers towards cryptocurrencies will remain in place – people have been let down by the banking system and are desperate for an alternative.
“The money we entrust to banks is at risk and consumers are punished for saving as historically low interest rates, rising inflation and government action devaluing global currencies, through borrowing and the creation of more money through quantitative easing, combine to erode the value of cash.
“The rise of cryptos and alternative global currencies such as gold are a reaction to this financial inequality.”
The development coincides with dogecoin founder Billy Markus revealing what he has done since selling his share in 2015.