Ethereum Co-Founder Expects Another Crypto Bubble
Joseph Lubin, an Ethereum co-founder commented on cryptocurrency bubble and said that he sees bubbles beneficial as they raise awareness and bring in new developers who are interested in the new, disruptive technology.
The rise of Bitcoin, closely followed by Ethereum and other cryptocurrencies has led to the entire world talking about virtual currency and blockchain. As investors started talking about massive gains, the mainstream gained whiff of it resulted in the creation of a bubble.
Speaking to Bloomberg TV’s Erik Schatzker, Lubin stated that the cryptocurrency and blockchain industry is stronger than ever because of the bubble, despite the prices painting a different picture. He said,
We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart.
He said that growth has been ‘exponential’ and that each bubble brings in more entrepreneurs, developers and money to the industry. He further added,
With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.
Schatzker then pressed Lubin to talk about the cryptocurrency bubble with reference to Ethereum prices. He asked Lubin if the decline in prices was causing entrepreneurs and developers who had entered the industry to leave. Lubin said that they were not seeing that and the price swings were because of ‘trader types’ or speculative investors.
Referring to the six bubbles that have taken place since Bitcoin launched in 2009, Lubin stated that bubbles are expected in the cryptocurrency space and believes there certainly will be another bubble. According to him, this potential will get ‘even more impressive’. He believes that a growth in base fundamentals will cause another ‘astonishing rise’.
He believes that the next stage of growth will come from Layer Two Technologies that will allow exchanges and games to have thousands of transactions per second and he believes that it will be available before the end of this year.
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