Recently Joseph Lubin, Ethereum co-founder and CEO of Consensys, stated that the cryptocurrency market is “totally a bubble.” So can a bubble be a good thing?
Although, in an article published by Bloomberg, Lubin elaborated on his statement clarifying that the cryptocurrency bubble was the “good kind of bubble.” He states that it’s due to the “profound technology” of the blockchain and that it isn’t being built out fast enough for people to see its “value and vision.”
On the Bloomberg report, he said, “This technology is so powerful and profound that it is going to change the way IT systems around the world are being built.”
On the “bullish” climb of Bitcoin prices this weekend, reaching a record-breaking high of $7,600, he believes a ‘correction’ would aid in strengthening to industry for the future.
He moved on to discuss China’s decision to restrict cryptocurrency trading, saying that he believes the action should be seen more as a “pause” and not a hard ban. Rather, the regulatory move is a positive acknowledgment of the strength of the cryptocurrency industry.
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