Crypto Market Drop Will Not Restrict Growth
Ethereum co-founder Joseph Lubin expressed that he does not consider the recent drop in cryptocurrency prices as a restriction to development in the market. Lubin noted in an interview with Bloomberg that the drop in prices is not a new situation as it has always been prevailing in the “blockchain ecosystem since 20009 when Bitcoin was invented.”
He added that regardless of the drop in prices, the price bubbles will look like “little pimples on a chart” because “growth has been exponential.”
“People are rushing in because they see the promise of the technology. But then, 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.”
Lubin who launched ConsenSys after leaving Ethereum noted that each bubble has resulted to a “tremendous surge in activity” which has experienced increased in development by “two orders of magnitude” since the increase in price in December 2017.
Lubin believes bubbles are part of the ecosystem that has advantages and disadvantages. Each of the bubbles seen in the market has resulted in more “attention into our ecosystem.”
The continuous instability in crypto prices has resulted in “trader types” but Lubin maintains that the recent drop in prices will not restrict the usage or growth of core infrastructure for the ecosystem.
He noted:
“We feel the exponential increase in activity in our ecosystem. It is overwhelming what’s going on in terms of our different product projects, in terms of new scalability technologies, new teams, and projects, developers that are entering our ecosystem, new large companies that have gotten comfortable with our ecosystem.”
