Connect with us

Bitcoin

Ethereum [ETH], Bitcoin [BTC]: There isn’t an opportunity for another 1,000 times growth, says Vitalik Buterin

Anvita M V

Published

on

Ethereum [ETH], Bitcoin [BTC]:There isn’t an opportunity for another 1,000 times growth, says Vitalik Buterin
Source: Pixabay

Recently, Vitalik Buterin, the Co-Founder of Ethereum, spoke about crypto growth at the Ethereum Industry Summit conference in Hong Kong, in an interview with Bloomberg.

During the interview,  Vitalik said that the blockchain industry has reached a point where it can be seen hitting the ceiling. In his opinion, in the current scenario, an average educated man will probably have heard of blockchain at least once. He further added:

 “There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

Vitalik also said that the initial growth in Bitcoin [BTC] and other cryptocurrencies in the first five or six years into the blockchain industry were inclined to depend on marketing strategies and it required a wider set of people to adopt. However, the strategy will be hitting a dead end, he hints.

Buterin said that the future of the industry next involves bringing people who are currently interested in cryptocurrencies to be involved in a deeper sense.

In a text message to Bloomberg, Jehan Chu partner at blockchain investment and advisory company, Kenetic Capital, wrote that there may be chances for further growth of the industry in 2019. He added:



“There are deep reservoirs of value just waiting for the right trigger.”

The crypto market has seen a rapid decline in value this year, and Ethereum has been dragged down with the weight of the bearish market. It was reported to fall below the $200 line, marking its new low since June this year. The Ethereum platform serves itself as the hub for ICO funding and the fall has raised concerns among many. In a recent interview with Ran Neu-Ner, four CEOs of companies in crypto Israel sat to discuss the effects and gave their opinion on the same.

On the other hand, the governments have still shown a negative stance towards the crypto industry. Recently the U.S Securities Exchange Commission [SEC] denied 9 Bitcoin ETF proposals stating that it was concerned about unregulated market volumes in the industry. However, the Commission decided to review its decision which is still pending with them.





Subscribe to AMBCrypto’s Newsletter




Follow us on Telegram | Twitter | Facebook



Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Avatar

    Bill Landreth

    September 11, 2018 at 6:12 AM

    For Ethereum I fully believe this is the case. I once was reading how the Ethereum Blockchain had exceeded 1 Terabyte and was becoming too cumbersome. XLM is much more attractive as ae Neo or Xem…
    BTC it seems to me will probably indeed be “way too high” after the adoption of the Lightning Network..
    I feel I must mention that personally I have decided to stop buying crypto altogether since it is such a royal pain. Coinbase still has my money and I am pretty upset about it though I feel better now that I will be only investing in stocks and not coins.
    Also of course there is the fact that I wanted to send this money into TRX and CSC and I suppose this is how millions of other casual investors are doing things as well…
    HOWEVER there are billions of people and EACH ON WANTS a BTC. Also EVERYONE needs to buy BTC or else convert their LTC or whatever to USD and then to whatever they wanted to “buy”.
    I think you also feel that one day there will be a $1=1 satoshi event and it would be cool if we could hold some BTC by then.
    Public Service Announcement: Always use Segwit Addresses when possible! Make sure your wallet supports Segwit and generate a new address and send to segwit addresses to make cheap and fast transactions.

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

Published

on

'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending