The cryptocurrency market will outgrow its early-stage status and experience a tremendous growth. This is the belief expressed by Joseph Lubin, one of the co-founders of Ethereum, during an interview for CNN Money. This statement comes as a contradiction to the opinion expressed by Vitalik Buterin, the other co-founder of Ethereum.
Opposed Views on the Future of the Crypto Market from Two Ethereum Founders
In an interview with Bloomberg, Buterin said: “The blockchain space is getting to the point where there’s a ceiling in sight. 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.”
In response, Joseph Lubin stated on CNN Money that
“This is a technology that’s going to impact how economic, social and political systems are built over the next few decades. So we’re really just at the start of this. There will be so much evolution. The technology is still fairly immature. But there’s going to be so much evolution in this space and everything that’s an asset right now is probably going to have representation as a crypto asset at some point in the future. So there’s just so much growth ahead.”
A Huge Amount of the Activity in Crypto Space Thanks to the 2017 Boom
Speaking of the explosion of cryptocurrency prices in 2017, Lubin explained that the huge rally was due to the fact that a lot of people started understanding the promise of the technology, but also due to the “speculators getting a little irrationally enthusiastic about it”.
However, he emphasized that even though we’ve seen booms and corrections quite a few times, those booms actually bring a lot of attention to the crypto space. So, regardless of the volatility of cryptocurrencies, just the fact that people are becoming more aware of the technology and talking about it, is a benefit as it is bringing investment into the space.
A Positive Outlook on the Development of Regulations for the Crypto Market
The Ethereum co-founder expressed his satisfaction with the way regulatory bodies develop and enforce rules for the crypto market. He also mentioned the SEC’s decision to not classify ether and bitcoin as securities, which was a pretty exciting news in the crypto community back in June.
The CNN Money interview also touched on the recent approval given to the Winklevoss twins proposal for a dollar-backed cryptocurrency trading fund. Joseph Lubin stated that this is “one of the many fundamental components that we need in order to build more sophisticated applications and really build out the crypto economy”.
Consumers Don’t Need In-Depth Blockchain Knowledge
Speaking of the technology behind cryptocurrency, Joseph Lubin said that he does not believe consumers really need to know how it works. In-depth knowledge of blockchain should be the concern of developers, while end consumers should be encouraged to experience this technology through various apps and games.
Tamara is a marketing and PR professional, enthusiastic about crypto, blockchain and technology in general. She’s the editor at Bitcoin Australia.