Ethereum Foundation co-founder Joseph Lubin (Lubin Joseph) does not believe the current weakness of the cryptocurrency market barriers for its development. About this businessman said in a recent interview with Bloomberg.
According to Lubin, the depreciation on digital currencies is not something unusual or new. This process began long ago, “since, as in 2009, bitcoin was invented”. Artificial and permanent increase or decrease in the cost does not reflect global trends. As shown by the analysis of the issue, price bubbles look slightly on the background of exponential growth in the value of cryptocurrencies.
“People are torn in this area because I see a promising technology. We’re building fundamental infrastructure, see improvements and impressive potential… I believe there is a strong correlation between price growth and development of basic infrastructure in the ecosystem,” said Lubin.
The entrepreneur concluded that all cryptocurrency bubbles eventually led to a huge surge in activity, because they attracted public attention to the cryptocurrency sphere. This, in turn, is involved in the new industry entrepreneurs, developers and investors. For example, after a spike last December, the activity in the stock market had risen “twice”. Therefore, Lubin estimates bubbles as part of the ecosystem, having both positive and negative.
The businessman claims that the current depreciation of the cryptocurrency will not delay their acceptance of society and will not affect the pace of development of basic infrastructure in the ecosystem.
“We are seeing a strong increase in activity in our ecosystem. What is happening with our products, the technology is staggering. We engage new teams and projects, developers and large companies,” added Lubin.
Recall that Joseph Lubin left Ethereum and ConsenSys has launched a project that helps startups to create their own platform on the Ethereum blockchain. In early may, the company jointly with the Ministry of communications and information technology of Saudi Arabia organized a “training camp” for blockchain developers, and later merged with the Philippine Bank, UnionBank, to implement a technology for a distributed registry in the work of financial institutions in the country.
A few days ago, the price of Ethereum for the first time since November 2017 fell below $300. At the time of publication the price of the cryptocurrency fluctuates at a mark of $300.