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Ethereum Co-Founder Sees Huge Potential in Cryptocurrencies Despite Bear Market

September 12

Ethereum and cryptocurrencies have huge potential

Cryptocurrencies have seen better days, really. Huge price corrections and the bear market is striking fear into new investors. On the other hand, some experts and veterans didn’t even flinch – they are optimistic about the future of cryptocurrencies.

Cryptocurrency space is still evolving

During the last few weeks, cryptocurrencies have dropped to new lows, despite this, one of Ethereum co-founders, Joseph Lubin, is knocking on media outlet doors trying to convince the public that it’s not over – cryptocurrencies are here to stay and develop. Recently, Lubin was interviewed on CNN Money. He discusses the current situation of cryptocurrencies and the infant market, as well as the future of Ethereum and crypto in general.

Founder of ConsenSys discussed the reason behind the recent bull-run which was followed by an abrupt decline. Lubin said that the huge bull-run at the end of 2017 was the result of over-enthusiastic and irrational speculators, as well as people who saw huge value in the blockchain technology. He also called those speculators “irrationally enthusiastic”.

We have all seen the sudden jump but Lubin doesn’t look at it as a bubble, he thinks that such events will only bring positive attention to the cryptocurrency industry.

Lubin said:

“The booms actually bring a lot of attention to our space, lots of technologists, entrepreneurs, and consumers, so those are great. And we are actually seeing a huge amount of activity right now because of the boom that happened [in 2017]. So we are gearing up in many different niches of our ecosystem to see probably pretty tremendous growth.”

Many have said that the recent price explosion would damage the long-term potential of cryptocurrencies. Lubin has a different outlook on this – he believes that this has only sparked a lot of interest in the cryptocurrency field and it might actually be beneficial for the development of cryptocurrencies over the long run.

When Lubin was asked about blockchain education, he said that consumers don’t need to understand the innards of the blockchain technology. He believes that it’s the job of software developers. Users can get to know about blockchain by using dapps (Decentralized applications) like Crypto Baseball, CryptoKitties, Funfair and more. Dapps have been driving the adoption of blockchain technology as well as the maturity of Ethereum.

Additionally, the co-founder of Ethereum Vitalik Buterin said that the days of 1,000x for cryptocurrencies are officially over:

“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.”

ConsenSys executive responded to Vitalik’s comment by saying that it’s just an opinion and it’s clearly no the end of all:

“This is a technology that is going to impact how economic, social and political systems are built over the next few decades. So we are really just at the start of this. There will be so much evolution, [as] the technology is still fairly immature and there is so much evolution in this space [already]. Everything that is an asset right now is probably going to have representation as a crypto asset at some point in the future, so there’s so much growth ahead."

In the end, a lot of investors have seen their portfolios in the red every day, but leaders of cryptocurrency space are still optimistic and see huge potential for future growth in cryptocurrencies.

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