Mizuho Americas’ senior analyst, Dan Dolev, doubled down on his bearish view on cryptocurrencies in a latest interview on CNBC.

Dolev acknowledged that there is “no use case” for cryptocurrencies, referring to them as “pet rocks.”

“There is no use case.” Traders are asking, “Why ought to I personal these? These aren’t rocks. These are pet rocks,” Dolev stated. 

This follows his earlier warnings on the asset class, together with a November assertion through which he declared that crypto is “useless” following the collapse of the FTX change.

He predicted that traders could be “very, very scared” following the latest collapse of FTX and the 90% drop within the inventory of the main Coinbase change. 

The analyst wrote in a analysis notice that the collapse of FTX would do little to assist its opponents, marking “a deteriorating business.

Dolev’s extraordinarily bearish outlook is rooted in his perception that cryptocurrencies lack sensible functions and will not be productive property.

The analyst lately appeared on CNBC to debate his underperform ranking on Coinbase. Regardless of its present inventory worth close to $55, up from $33 three weeks in the past, Dolev stays cautious in regards to the firm’s prospects.

In response to Dolev, the issue with Coinbase is that it depends closely on cryptocurrency buying and selling.

When requested in regards to the latest increase in retail buying and selling, Dolev in contrast it to the present recognition of Tesla. Nevertheless, he factors out that Tesla has an actual product behind it, whereas crypto property don’t have any actual utility or productive property.

Even if the crypto market skilled a powerful restoration in January, Dan Dolev stays steadfast in his bearish view on cryptocurrencies and sees no change within the close to future.