He doesn't have enough knowledge on the subject. On the surface it is understandable why he thinks cryptocurrencies are a fraud. He looks at Bitcoin's current form and sees there are transaction fees, slow transaction times and lots of wasted electricity. The survival of the fittest contest between coins will slowly but surely address these issues.

Yes, some coins will become worthless (a lot of ICOs are frauds nowadays) but the coins/platforms that survive will change the world for the better.