The founder of Ethereum Foundation Joseph Lubin does not consider the current decline of the cryptocurrency market an obstacle to its development. The entrepreneur told this in his last interview with Bloomberg.
He explained that the drop in rates for digital currencies is not unusual or novel. This process has been happening ever since the bitcoin was invented. Lubin also believes that a permanent artificial increase or decrease in value does not reflect global trends.
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” he elaborated.
The businessman concluded that all the crypto bubbles eventually led to a huge surge of activity, because they attracted public attention to the cryptocurrency area. This process involves new entrepreneurs, developers and investors in the industry.
Therefore, Lubin evaluates bubbles as part of the ecosystem. The entrepreneur is sure that the current drop in the rates of the cryptocurrency will not hamper their adoption by the society and will not affect the pace of development of the basic infrastructure in the ecosystem.
WHY IS IT IMPORTANT?
- The head of ConsenSys notes that volatility is created by speculative investors. He also stressed that there is a strong correlation between price increases and the development of fundamental infrastructure in the ecosystem.
- Lubin is confident that hundreds of protocols will coexist in the future in the industry, but Ethereum will continue to occupy a significant market share.
- Joseph Lubin left Ethereum and launched ConsenSys. The project helps startups to create their own platforms on Ethereum.