Vitalik Buterin’s statement shakes the crypto world; Binance CEO, Tron founder, Joseph Lubin disagree
Ethereum co-founder Vitalik Buterin’s recent statement regarding the future of the crypto ecosystem shook the entire crypto world. In a recent Bloomberg interview at Ethereum Industry Summit conference in Hong Kong, he said, “another 1,000-times growth” in the crypto space is not possible. However, many popular figures in the space including Binance CEO Changpeng Zhao have disagreed with Vitalik’s view.
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. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
However, Vitalik later clarified his stance on Twitter, saying, “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*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto.”
He added, “What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”
Binance CEO CZ on Vitalik Buterin’s statement
Despite the clarification, popular figures in the crypto world weren’t convinced of his view. Binance CEO Zhao commented, “I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD 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.”
Tron’s Justin Sun on Vitalik Buterin’s statement
Even Tron founder, Justin Sun, reacted to the statement writing, “I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell. #TRON #TRX $TRX.”
Ethereum’s Joseph Lubin on Vitalik Buterin’s statement
Interestingly, Joseph Lubin – co-founder of Ethereum – also doesn’t agree with Vitalik’s statements. In a recent interview with CNN, he said, “There is going to be so much evolution in the space and everything that is an asset right now is probably gonna have representation as a crypto asset at some point in the future. There is so much growth ahead.”
Cardano’s Charles Hoskinson on Vitalik Buterin’s statement
During a recent AMA session, Hoskinson was asked what he thought of what Buterin had said about the blockchain space. In response, he said that he doesn’t think that there’s a ceiling in sight. However, he slightly agreed to Vitalik Buterin’s point and explained.
“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. Hoskinson explained that later, coins such as Litecoin, Feathercoin and others started coming up where one would just change a few things and then market it differently.
“And then all this new stuff came up at the back of that and now, we’re in the third generation.” Slightly agreeing to Vitalik, he said that probably “we peaked on the second (generation) and we are getting crowded on that side of the space.”
Image via Shutterstock
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