The days of cryptocurrency massive returns are over, as the community needs to focus on the usability and accessibility of the nascent technology to users, states Vitalik Buterin in an interview with Bloomberg.
Explosive Growth Of Cryptocurrency Values
Cryptocurrency came into more prominence a year ago when the value of Bitcoin spiraled to its all-time high of almost $20,000. The explosive rise made many that invested in it early enough to become millionaires and even billionaires.
Meanwhile, many that invested in cryptocurrencies at its peak a year ago are yet to reap the dividend of investment due to the bearish trend that has trailed the market since the beginning of the year.
Amid the bearish trend, there has been debates and speculations of its spiraling again, which is mostly seen in the light of the U.S. SEC’s approval of Bitcoin ETF.
The Way Forward By Vitalik Buterin
In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Vitalik Buterin the founder of Ethereum opined that the days of cryptocurrency explosive growth are over. He supported this opinion by emphasizing that an average educated person presently understands what blockchain and cryptocurrency means. Thus, there is no need or opportunity for another 1000x growth in the industry again.
Buterin further stated that methods adopted by Bitcoin and top cryptocurrencies to see massive growth over the past six and seven years are about to hit a dead end. Thus, marketing and broad adoption which has been the methods are no longer viable for the future like adopting improvement of tech for proper accessibility and usability. Buterin stated that there is a need to involve people “from just people being interested in real applications of real economic activity.”
Notably, similar opinion is shared by Loi Luu, the CEO of decentralized cryptocurrency exchange, Kyber Network that D-apps need to improve their user interface to make it more simplified for utilization. The problems of usability and accessibility have made the centralized exchange more attractive to users than the decentralized exchanges.
Meanwhile, Ethereum is working on sharding and plasma towards improving the scalability of the cryptocurrency, while Cardano and Zilliqa are working on the proof of stake to enhance their features.
Even though there is a need for improvement on the usability and accessibility of cryptocurrency to users to make it a real currency, does that correspond with the dead end to the explosive growth of cryptocurrencies? What do you think?