The co-founder of Ethereum has spoken out to reject the idea that the cryptocurrency market is just a bubble, and insisted on the long-term potential of Ethereum.
Speaking to Bloomberg, in a televised interview, Lubin branded the ‘bubble’ label as premature and myopic. He said, “I would argue that we’ve seen a correction in our space – calling it a bubble to have been popped is a little bit shortsighted.”
Lubin also described current weaknesses in the market and falls in cryptocurrency prices as ‘an opportunity for new investors to join the crypto platform.’
Lubin was keen to emphasise that his own platform Ethereum was still an evolving technology, that would overcome short-term problems. He predicted there would be a dramatic increase in scalability within 2 years. Lubin also believes that increased regulation would benefit Ethereum in the long term, giving the crypto sector greater credibility, health and trust.
Many of the problems of scalability that Ethereum is currently experiencing are similar to the problems that were faced by Bitcoin in its early stages. But the rapid evolution and updates in technology ensured the resolution of these technical dilemmas, and Lubin expects Ethereum to follow the same path. He said, “I think there is tremendous foundational, fundamental work being built in our ecosystem and it’s very, very early days for the ecosystem.”
Lubin’s decision to get behind Ethereum was based on his belief in the multiple use cases it could address and its potential application to a myriad of industries. For him, Ethereum represented the vision for a scalable system that could cater to human action while also forming a general platform for the handling of decentralised applications. Lubin has spoken of its transformative world-changing power for the financial sector and beyond.
“Ethereum will have that same pervasive influence on our communications and our entire information infrastructure. It will impact every aspect of our existence.”
Source: https://www.youtube.com/watch?v=s7vpxzmA-Po – Great Video By 24/7 Cryptocurrency News
Featured Image Source: Pixabay