Explosive crypto growth has 'likely' come to an end, Vitalik Buterin says

08 Sep, 2018
by Joeri Cant
News
Explosive crypto growth has 'likely' come to an end, Vitalik Buterin says

In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Vitalik Buterin, co-founder of Ethereum, said that 'explosive growth in the blockchain industry have likely come and gone now the average person is aware of its existence'.

“The blockchain space is getting to the point where there’s a ceiling in sight,” Buterin said. “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.”

'Growth in Bitcoin and other cryptocurrencies in the blockchain community through its first six or seven years was dependent on marketing and trying to get wider adoption' according to Buterin.

'That strategy is getting close to hitting a dead end' he continued.

Buterin thinks that getting people involved in a more in-depth way would be the next step to take. 'Go from just people being interested to real applications of real economic activity'.

Ether certainly was one of the big stars in cryptocurrency last year, way outperforming its predecessor Bitcoin. But 2018 hasn't been an easy ride for Ethereum. The world's second-largest crypto coin is down over 75% this year and it just can't seem to catch a break. Its main issue is that Ethereum is facing a massive crisis in investor confidence over its apparent inability to scale in the face of competition.

On Twitter the reactions are mainly of those who completely dissagree with Buterin his statements.

Ethereum’s price is close to falling below $200 today, down 7.68% in the last 24 hours, according to coinmarketcap.com.

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