Those of you who like to keep a close eye on the latest crypto news may remember that just two days ago, Vitalik Buterin, Ethereum’s legendary founder, said that a 1,000 times growth in prices of digital currencies is a thing of the past.
The statement made various headlines, and the community’s response was so incisive that Vitalik 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.
“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*,“ the tweet reads.
The founder of Ethereum went further to explain that “A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.” His main argument is that the entire wealth of the world would not turn into cryptocurrencies.
Vitalik Buterin was also keen to point out that many people have already heard about cryptocurrencies, meaning that further expansion in the industry would only come from “depth” and not by just shining the spotlight on cryptos more.
Ethereum’s founder’s views are not entirely shared by other big names in the industry. Sunny Lu, CEO of VeChain, for instance, expressed his thoughts on the matter by tweeting:
“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 Lu’s views is the financial advisor of OneAlt Group which mentioned that Buterin is not thinking regarding business value and this might eventually lead to a considerable drop in the market.
Changpeng Zhao, the CEO of Binance, has strongly disagreed with Buterin and took to Twitter to state the following: “I will say crypto will absolutely grow 1000x and more!” The CEO further argued that a 1000 times growth is still possible, especially with the reaching of the USD market cap, which is a single currency. He also said that the derivates market is much bigger.