Ethereum co-founder Lubin believes that the recent drop in cryptocurrency prices is not going to appear as an obstacle for the further growth of the industry.
20 August, AtoZ Markets – The co-founder of Ethereum, Joseph Lubin, has stated that he does not believe that the recent drop in the crypto prices emerges as an obstacle for growth in the market. Mr. Lubin has stated that the collapse in prices is nothing new to the crypto community since it has always been present in the “blockchain ecosystem since 2009 when Bitcoin was invented.”
Crypto price bubbles
Moreover, he continued to say that despite the fall in prices, the price bubbles will be seen as “little pimples on a chart” because “growth has been exponential.” He has been quoted as saying:
“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.”
Mr. Lubin has added that each bubble has led to a “tremendous surge in activity,” which has experienced a development activity rise by “two orders of magnitude” after the jump in prices in December 2017.
For him, bubbles are just a part of the system that is balanced. Each of them has brought more “attention into our ecosystem.” The bubble further has created attention for the sector which, in turn, has attracted entrepreneurs, investors, and developers. The combination of the above has created a prospect of “building fundamental infrastructure,” according to Mr. Lubin.
Ethereum co-founder Lubin: Recent Crypto Drop is not an Obstacle
The present volatility in crypto prices has been caused primarily by “trader types.” However, Lubin believes that the recent drop in prices will not slow down a growth of the core infrastructure for the ecosystem. He has stated:
“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.”
Earlier last week, Ethereum has dropped below $300 for the first time since November 2017.
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