The Days of Exponential Cryptocurrency Price Growth Are over Says Ethereum Co-founder Vitalik Buterin
According to reports on September 8, 2018, the co-founder of Ethereum, Vitalik Buterin has declared that opportunities for exponential growth in the price of bitcoin and other cryptoassets are no longer present, as the focus is gradually moving away from crypto price speculations to real-life applications of blockchain-powered cryptoassets.
No More Crypto Price Explosion?
Per Bloomberg, Vitalik Buterin has said that since a significant number of people are now aware of the existence of distributed ledger technology (DLT) and cryptos, there may no longer be explosive price increases like before.
Speaking at the Ethereum Industry Summit event in Hong Kong, Buterin told Bloomberg that: “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,” adding that it is almost impossible for any coin to achieve a “1,000-times growth” again.
The University of Waterloo alumnus and co-founder of Bitcoin Magazine further reiterated that the exponential growth experienced by bitcoin and the altcoins in the last six to seven years is due to the aggressive marketing to foster broader adoption of these digital assets.
However, this strategy he said would soon hit a dead end as the next step of the DLT revolution is getting crypto enthusiasts to engage in more crypto-related activities that have real economic significance.
“Go from just people being interested to real applications of real economic activity,” Buterin declared.
The price of ether seems to be confirming Buterin’s prediction as the second largest crypto in the world by market cap has slumped to the $194 price region and analysts have predicted it might crash to $155 soon.
More Room for Growth
While Buterin’s comments may be right to some extent, a vast majority of experts in the cryptoverse are still very much optimistic that there is room for more massive growth in the cryptospace.
Jehan Chu, the managing partner at Kenetic Capital, which is a distributed ledger technology advisory startup, argued that 2019 might be the year for another bullish run for digital assets especially if the right triggers are pulled.
As previously reported by BTCManager in May 2018, the co-founder and head of research at Fundstrat Global Advisors, predicted that the price of bitcoin would hit the $25,000 mark by the end of the year.
In related news, in an August 31, 2018 report released by Satis Group, an ICO advisory and research firm, the company predicted the price of bitcoin to reach $96,000 within five years, with privacy-centric cryptos such as Dash (Dash) and Monero (XMR) also mooning significantly.