On 11th September, Vitalik Buterin Co-Founder of Ethereum, took to Twitter to clarify his “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” statement that went viral among the crypto community.
Buterin stated that his statement did not mean that there will be no growth in cryptocurrency industry anymore. In his words:
“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*. “
Explaining what he meant by a “1000x price increase,” he said considering a 1000x increase from the present day would mean $200 trillion in cryptocurrency or in other words an entire 70% of the world’s wealth in crypto. He argued that the entire wealth of the world would not turn into cryptocurrencies.
According to Vitalik, since many people have already heard about crypto, further expansion in the industry would only come from “depth [actual usage]” and not by just bringing in more attention.
Sunny Lu, CEO of VeChain stepped into the conversation and put his viewpoint across.
“Why don’t we just focus on how much business value can be actually running on Blockchain and how much liquidity of cryptocurrencies we will need for this happening and growing?”
Backing Sunny’s tweet, the financial advisor of OneAlt Group said that Buterin was not thinking in terms of business value which is essential for the growth of the industry and will be responsible for bringing back value to the market.
CEO of Binance, Changpeng Zhao also disagreed with Buterin. The CEO took to Twitter to comment on same. He said:
“I will say crypto will absolutely grow 1000x and more!”
Zhao also stated that reaching the USD market cap alone will give the industry a 1000-times boost, which is just a single currency with a restricted use case. The derivates market is so much bigger, he concluded.
Referring to an analysis published by JPMorgan, Twitterati Gabe Taps said, Market cap, need not necessarily reflect the inflow of cash. In reality, it is 50 times the net cash inflow, which means a $200 trillion market cap could be reached with about $4 trillion.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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