Ethereum’s co-founder Vitalik Buterin just recently had an interview with Bloomberg and stated that crypto has neared its “ceiling.” Buterin feels that the days of explosive crypto growth have likely come and gone.
Blockchain Ceiling in Sight
“The blockchain space is getting to the point where there’s a ceiling in sight,” Buterin told Bloomberg. “If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Vitalik Buterin feels that now any average person paying attention to the news knows about blockchain and cryptocurrency. Because of this, another 1,000-times growth in the industry is unlikely.
Last year, blockchain and crypto hit mainstream news in the latter half of 2017, and the crypto market exploded, resulting in an extreme crypto growth. It wasn’t just cryptocurrencies that were exploding either. Public companies started jumping on the blockchain-craze and began adding blockchain to their name and company focus.
Those that announced they’d added blockchain saw their shares jump as much as 100% in a day, if not more. Simultaneously, cryptocurrencies were seeing 100% percent growth a day.
The cryptocurrency market began correcting after Bitcoin hit nearly $20,000 a coin in December 2017 and has yet to rebound anywhere near that amount again.
Vitalik Buterin told Bloomberg that the next steps are to get those already interested in cryptocurrencies to become involved in a more in-depth manner. The co-founder believes that the goal is to get those that are still on the fence and haven’t taken the plunge to start buying and using cryptocurrencies, as well as using technology built on the blockchain.
“Go from just people being interested to real applications of real economic activity,” Buterin said.
Buterin isn’t interested in institutional investors trading cryptocurrencies. In fact, the co-founder would much rather institutional investments be put on hold for a few years. Instead, Buterin wants crypto growth and development to come from the actual applications and blockchain projects themselves.
Buterin concluded the interview by saying, “Ultimately if all that cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
Do you think this is true? Will crypto spike again like it did last year?
Leave your thoughts in the comment box below.
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