Vinny Lingham, CEO of computer security company Civic has spoken about the future of the cryptocurrency market and blockchain applications at an event in Johannesburg, South Africa this week, MyBroadband reports.
The Blockchain Entrepreneurs Club South Africa (BECSA) hosted the Chain Reaction event which saw several high-profile speakers discuss blockchain technology and the state of the industry. Monero lead maintainer Riccardo Spagni and Luno country manager for South Africa Marius Reitz were also in attendance.
Lingham explained that the blockchain industry still has a ways to go before we see mass adoption due to lack of use cases and scaling issues, stating: “Even though we are about a decade into blockchain technologies, we are still in the infancy.”
Speaking about the price of Bitcoin and altcoins, Lingham explained that increased investor interest drove up the prices and led to an increase in the number of ICO’s being hosted.
“Last year, we saw an indicator of a massive amount of investor interest in the space and not enough supply,” he said.
“Right now you have way more supply of ICOs than buyers, and with the price of Bitcoin and other cryptocurrencies dropping, those buyers have less money to spend.”
Lingham further predicts that another bubble will emerge as a result of investor greed. “Do I think we’ll have another bubble? Probably, because people just don’t learn,” he explained. “Once it broke through $20k, it would run to over $100k and then we have the start of a new bubble-bust cycle.”
Lingham concluded by saying that it may have been beneficial for Bitcoin if it stayed out of the spotlight until its infrastructure was ore developed, allowing for slower but steadier growth.