'Explosive Blockchain Growth Has Likely Come and Gone': Vitalik Buterin

Lloyd Doyle
September 12, 2018

In an exclusive interview with Bloomberg during the Ethereum Industry Summit conference in Hong Kong, the closely followed cryptocurrency leader mentioned "The blockchain space is getting to the point where there's a ceiling in sight".

In the interview, he reportedly said, "If you talk to the average educated person at this point, they probably have heard of blockchain at least once".

Vitalik Buterin's comments that the days of seeing 1000x growth in the crypto space were met with a significant amount of community backlash, no doubt much of it from those who invested heavily at the wrong time and are eager to see the market take off once again.

At the time of writing, according to data from CryptoCompare, the Ether price is around $175.73, down 9.59% in the past 24-hour period.

In reply to the allegation and information twists noticed on various media platform, Vitalik said: "To be clear, I never said that there is "no room for growth" in the crypto ecosystem". He believes that there is no room for 1000x growth in the price increase of cryptocurrencies.

However, he did share the next step which is to be involved in more in-depth stating, "Go from just people being interested in real applications of real economic activity".

Despite the clarification, popular figures in the crypto world weren't convinced of his view. Binance CEO Zhao commented, "I still disagree with this. Just reaching Dollars market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger".

Justin Sun, the founder of the popular cryptocurrency TRON has made his views on the future crystal clear saying that the crypto space will surge up to a 10 trillion U.S. dollar market cap.

The Founder of Tron Foundation opposed Vitalik's statement saying that cryptocurrency will witness a massive growth in the future.

Of course, Sun's $10 trillion prediction is still quite a long way off from the $200 trillion required to boost the crypto market cap another 1000x. He believes that nearly every asset will be tokenized in the near future which further points to the great potential for growth in the industry. "There is so much growth ahead".

Commentators had reacted to one response Buterin had given in particular, in which he said the Blockchain industry was about to hit a "ceiling".

"I remember when I first entered the space, there was just Bitcoin and we had a lot of forks of Bitcoin, things were pretty stagnant", he said.

"And then all this new stuff came up at the back of that and now, we're in the third generation".

Other reports by Iphone Fresh

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