Most have heard of the cryptocurrency boom in late 2017, where the majority of the cryptocurrency market saw unparalleled growth. Many have speculated when another boom like this will occur, while others’ have pondered if it will in fact ever happen again. According to Vitalik Buterin, Another crypto boom is impossible.
The Ethereum co-founder believes there simply cannot be a repeat of the growth previously experienced by the crypto market. In an interview with Bloomberg, he stated that the average person is now aware of blockchain technology, and therefore cryptocurrencies will not surge like they have done in the past.
“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,” Buterin told Bloomberg on the sidelines of the Hong Kong-hosted Ethereum Industry Summit.
Buterin now believes that focus should be on adoption as oppose to promotion. He believes that the reason for the markets increasing so much in previous years is due to the amount of media exposure bitcoin and other cryptocurrencies received.
“That strategy is getting close to hitting a dead end. The next step will be getting people who are already interested in cryptocurrencies to be involved in a more in-depth way. Go from just people being interested to real applications of real economic activity,” he said.
Goldman Sachs announced a week ago that they will not be going ahead with alleged plans to open a cryptocurrency trading desk. Which Martin Chavez Goldman Sachs, CFO claimed was fake news, and they never in fact had any plans for such a project. Vitalik was then questioned regarding his opinion on mainstream crypto trading, he said the following:
“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,” Buterin said. “Ultimately if all that cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
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