According to the co-founder of Ethereum, Vitalik Buterin, the days of rampant growth in the prices of virtual currencies are over. At present, an average person is well aware of its existence. According to him, we are past the point where it’s possible to achieve 1000 times growth.
In a recent interview with Bloomberg Buterin said, “The blockchain space is getting to the point where there’s a ceiling in sight.” He continues saying, “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 also noted that the aggressive marketing strategy which is what supposedly underpinned the growth in the crypto world all through the last years is not going to work any longer.
The Cryptocurrency growth in the blockchain community via its first six or seven years relied on marketing and trying to get wider adoption, he says.
“The strategy is getting close to hitting a dead end.”
The co-founder of Ethereum sees real blockchain application as a next step forward, which will be about getting people who are already interested in this world to be more involved. Buterin says, “Go from just people being interested in real applications of real economic activity.”
Discussion With Institutional Investors
A lot of people are sitting tight to see the SEC ruling on the commodity-backed VanEck/SolidX Bitcoin ETF as a means to let institutional investors step into the market and trigger a rally. By this, Buterin seems to share an entirely different philosophy
While many are waiting for the SEC to rule on the commodity-backed VanEck/SolidX Bitcoin ETF as means to allow institutional investors to step in the market and trigger a rally, Buterin seems to share an entirely different philosophy:
“I honestly don’t think this stuff matters much. There’s honestly a part of me that would be happier if institutional trading of cryptocurrencies did not happen at all for another five years.”
“Ultimately if all that cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
We can say that Ethereum is having quite a rough 2018. It has lost nearly 80% of its value since the beginning of this year.