Crypto Price Collapse Will Not Constrain Further Growth – Says Joseph Lubin Ethereum Co-Founder
Joseph Lubin, co-founder of Ethereum stated that he does not see the cryptocurrency price collapse as a constraint to further growth. This was stated by him on 14th August in an interview with Bloomberg.
In a recent discussion he said, the value rollings of the past year were just another bubble like the previous. He also added that “Six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening.”
On close scrutiny those peaks look like “pimples on a chart”, he added. According to him each bubble, such as the current one has brought a significant burst of activity.
We build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community that we were eight or 10 months ago.
Lubin assigned volatility to “trader types” that is speculative investors. He said that it is not necessarily an indicator of the latent infrastructure enhancement. He was asked about how the price volatility affects him. To this, he answered, “So we can look at the price and make growth plans and projections and we’re still on track, basically. So this is not unexpected.”
Ethereum was trading at $288 yesterday which dropped to a 9-month price low. This morning the losses increased to 16% on the day and 35% over the last week.
Currently, Ethereum is trading around $263, below 7% on the day with a market capitalization of over $26 billion.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Leave a Reply