Cryptocurrency rout could get worse: Goldman

Hong Kong

THE tumble in cryptocurrencies that erased nearly US$500 billion of market value over the past month could get a lot worse, according to Goldman Sachs Group Inc's global head of investment research.

Most digital currencies are unlikely to survive in their current form, and investors should prepare for coins to lose all their value as they're replaced by future competitors, Goldman's Steve Strongin said in a report dated Feb 5.