Vitalik Buterin: 1,000 Times Growth is no Longer Possible
Ethereum creator Vitalik Buterin sees no room for four-digit growth rates for the cryptospace. The knowledge of the Blockchain is already too common for that. Now it's about convincing crypto-interested people through concrete applications.
Vitalik Buterin doubts that any cryptocurrency will be able to record price increases of several thousand percent. This assessment was made by the 24-year-old co-founder of the Ethereum platform to Bloomberg on 8 September. The occasion was the Ethereum Industry Summit in Hong Kong.
"The blockchain room is just coming to the point where a ceiling is in sight,"
said the programmer, arguing that the word "blockchain" was a foreign word to fewer and fewer people.
"If you talk to an average educated person by now, they probably have heard of the blockchain at least once before. There is no possibility for another 1,000-fold growth. "
The growth of Bitcoin and Co. in recent years has been mainly dependent on the factors of marketing and increasing acceptance. This strategy is approaching a dead end, according to Buterin.
One must now take the aim of involving crypto-interested even more in the technology. This requires running applications that make active participation in the crypto-economy out of mere interest.
Millionaires can not wait
For Buterin the development of executable dApps (decentralized applications) is more important than the speculation about the entry of institutional investors into the cryptospace. These currently have a significant influence on the price development of bit and old coins. Just last week, Goldman Sachs' alleged abandonment of plans to set up a crypto-trading desk led to massive price drops following a hoax.
Buterin is not keen on speculation about Bitcoin ETFs and other investment vehicles that would push institutional investors to the door of the crypto room.
"I really do not think that stuff matters. To be honest, there is a part of me that would be happier if institutional cryptocurrency trading did not happen until five years from now, "
he admits. And in the end, let's flash through the idealist again:
"If cryptocurrencies are just something millionaires sell each other, what have we really achieved?"
There is nothing to add.