Home News Blockchain Ethereum Founder Vitalik Buterin Says “Blockchain to Soon Hit Ceiling”; Peers Disagree

Ethereum Founder Vitalik Buterin Says “Blockchain to Soon Hit Ceiling”; Peers Disagree

September 14, 2018 16:31
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Recently, Ethereum co-founder, Vitalik Buterin stated in an interview that markets are no longer susceptible to “1000x surges”, (like they were in 2017) as they have matured in the past one year.

In the interview Buterin had said, “The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

Later, on Twitter, Buterin tried to retract his words saying, “To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”

However, Buterin’s contemporaries were quick to rebut this claim. Changpeng Zhao, the founder of cryptocurrency exchange, Binance, who has butted his head with Buterin in the past said, “I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.”

Zhao further stated, “You also can’t use traditional market size to measure potential for new technologies or industries. If you used (and people have) taxi market size to estimate Uber’s potential, you would be off by quite a bit.”

Joseph Lubin, who is one of the former co-founder of Ethereum and who is currently busy with his new company, ConsenSys tweeted, “There will be so much evolution in this space. Everything that is an asset right now could have representation as a crypto asset at some point in the future.”

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