Vitalik Buterin has recently expressed his thoughts in regards to the expansion of cryptocurrencies by stating that the days of explosive growth in the prices of digital currencies are over.
In a recent interview for Bloomberg at the Ethereum Industry Summit conference in Hong Kong, Ethereum’s founder said that we are past the point where 1,000 times growth in prices of digital currencies is possible.
“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.”
Vitalik Buterin also talked about the strategy of aggressive marketing that supposedly helped cryptocurrencies grow over the latest period. Ethereum’s founder said that such strategies are bound to become less effective over the following period.
“That strategy is getting close to hitting a dead end,” he declared.
Institutional trading
When it comes to the SEC ruling on the commodity-backed VanEck/Solid X Bitcoin ETF, Buterin was keen to point out that his stance is a neutral one. If successful, this ruling will allow institutional investors to enter the market and potentially even help cryptos regain a part of their “former” glory.
“I honestly don’t think this stuff matters much. There’s honestly a part of me that would be happier if institutional trading of cryptocurrencies did not happen at all for another five years. Ultimately if all that cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
2018 seems to be a very rough year for digital assets, as most digital currencies have lost a significant percent of value. In Ethereum’s case, this percentage is very close to 80% of the value it had at the start of the year.
