Sunday, July 12, 2020

Ethereum Founder Hits Back At Critics Of His Bold Statement

Vitalik Buterin, the ethereum founder, has taken a dig back at the critics of his comment on the cryptocurrency 1000× growth. This descended into a tweet battle response between him, some cryptocurrency enthusiasts and a swing at Justin Sun.

Vitalik Buterin’s Comment on The Growth Of Cryptocurrency

Vitalik Buterin earlier in the week stated that there shouldn’t be any 1000× growth expectation ever again in the cryptocurrency world in an interview with Bloomberg. Now that virtually every educated class are aware of what digital currency means, thus there will not be high explosive growth anymore.

He further stated that the industry needs to focus less on the need for explosive gains but rather, be concerned with the necessity of improving the accessibility and operability of the blockchain technology for the community of users.

His opinion which didn’t go unnoticed had a lot of people talking, including the who is who of the crypto industry.

Notable of response to the Vitalik’s opinion on the cryptocurrency market is the thought of Joseph Lubin, his fellow co-founder of the Ethereum blockchain in an interview with CNN. Joseph stated that Vitalik was wrong and that the industry is still nascent and more growth is expected to surface soon. The present bearish trend he said is contributing to the development of the cryptocurrency market. In his opinion, cryptocurrencies will impact the economic, social and political systems in the next few decades. Also, everything that is an asset at the moment will have a representation as a crypto asset in the future.

Vitalik’s Response To Critics On Twitter

While his opinion was amassing gamut of criticisms on Twitter Vitalik was quick to clarify his opinion on the subject. Vitalik stated that he never said that there is no room for growth in the cryptocurrency space but he stated that there is no room again for a 1000× in the price of cryptocurrency value especially within a short period.

Vitalik noted that a 1000× increase in the cryptocurrency market from today means the growth of the market to $200 trillion in crypto space. This will lead to an influx of the 70% of the world’s wealth into cryptocurrency.

Vitalik explained further that since the vast majority of people are already aware of cryptocurrency, growth must come from the depth and not from more attention. This he stated by throwing a jibe at Justin Sun.

Meanwhile, Justin Sun also responded by stating that he believes that the whole world will turn to cryptocurrency and it will reach $10 trillion market cap before Apple and Amazon does.

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