When most of the crypto enthusiasts are optimistic about crypto and hoping that digital currencies will make new records, the co-founder of Ethereum Vitalik Buterin’s statement created panic among crypto fans.
During a blockchain conference in Hong Kong Vitalik Buterin said that the days of incredible growth in blockchain technology are probably gone. Now cryptocurrencies and blockchain technology have become common. According to Vitalik at this point of time average educated people must have heard about blockchain technology at least once. It is hard to find an opportunity for another 1,000-time growth in the crypto world anymore. Right now blockchain technology at a point where you can see a ceiling and the chance to grow beyond that is very less. The statement of such an influential personality shocked many. Vitalik Buterin responded to a question regarding the outline and future growth potential of the blockchain technology in a conference at the Ethereum Industry Summit in Hong Kong. Later on, Buterin’s statement has become the topic of controversy.
For cryptocurrencies different people have different views, some optimists believe the new asset class will sweep across the world within few years while pessimists think that there is no future for the cryptocurrencies and soon the bubble will burst. Though the bearish sentiments from Vitalik Buterin worried many but if you think logically about the statement, it will make sense. Crypto industry had a parabolic run of its lifetime; some cryptocurrencies including Bitcoins have grown by over 1,000 times within a span of few years. During the bull run, Ethereum has seen an increase of 100 times. The price of Ethereum has increased from $18 to $ 1671 since then the cryptocurrency has lost huge value and currently, it is trading around $280.Other cryptocurrencies including Bitcoins are following the same path and lost a lot from their highest values.
For long-term growth of the crypto industry, there must be a steady inflow of adoption and real-world use of the cryptocurrencies. The short-term parabolic cycle just attracts the price speculators which is detrimental for the industry. If the adoption and usage of the technology grow in future then only the industry can see a sustainable growth. According to Vitalik Buterin worldwide adoption and marketing is about to hit the dead end.