Did Crypto Savant Joseph Lubin Successfully Predict Bitcoin Price’s Bottom Back in December 2018?
Joseph Lubin, the co-founder of Ethereum (ETH), was able to predict the bottom of the bear market for Bitcoin (BTC). During 2018, digital assets were in a bear trend that dragged them to the lowest price in more than a year. Now, the future looks bright for virtual currencies that seem to be growing once again.
Joseph Lubin Expects The Market To Start Growing
Bitcoin, the most popular crypto in the market, moved from $20,000 at the end of December 2017 to $3,150 in December 2018. This represented a drop of over 80% in just a year. Other digital asset fell even further, registering 90% losses.
At that time, ConsenSys was in the middle of a business restructuring. The firm had to reduce the number of employees and modify the way in which it invests in companies. Although the firm claimed that it had no problems, there was a lot of fear, uncertainty and doubt (FUD) in the market about it.
Joseph Lubin co-created Ethereum with Vitalik Buterin, Charles Hoskinson and others. This blockchain network and cryptocurrency is currently the second largest in the market after Bitcoin. Later in 2015, Lubin created ConsenSys, which invests in different companies in the cryptocurrency market.
Forbes explained that the company reached 1,200 employees and it had a very weak corporate structure. At the same time, the firm had just a few managers and limited reporting structures. There were several projects that received $250,000 and $500,000 without a lot of analysis and limited expectations of future revenue.
Due to the fact that Ether crashed and other virtual currencies couldn’t grow and sustain their prices, ConsenSys had to streamline its operations. Lubin announced at the end of 2018 that it was reorganizing the company with the so-called ConsenSys 2.0 to improve efficiency, accountability, and to pay closer attention to revenue. At the same time, projects and employees that were under-performing were deleted.
After the announcement, ConsenSys reduced its staff by 13 percent. At that time Bitcoin was also traded close to its lowest price in more than a year. Because of this reason, ConsenSys received critics from different market participants. At that time, Mr. Lubin wrote that the bottom is marked by an epic “amount of fear, uncertainty and doubt.”
I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.
— Joseph Lubin (@ethereumJoseph) December 21, 2018
He then said that the “sky is not falling,” and that from his perspective the future looks bright. Additionally, he remains excited about scalability solutions that are available now and that would be deployed in the future in different blockchain and crypto networks.
After several months in which the market did not seem close from recovering, Bitcoin was able to surpass $4,200 and reach $5,800 a few hours ago, the largest price since November 2018. Moreover, there are several experts that believe that Bitcoin could reach $6,000 in the near future, a very important and psychological price level.
Lubin is one of the most important industry figures and has provided a clear opinion about the market back when everyone was panicking about Bitcoin dropping down to $1k. Nonetheless, this did not happen and digital assets are moving up once again.
Bitcoin’s price is $34,381.48 BTC/USD exchange rate today. The real-time BTC market cap of $645.21 Billion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $11.11 Billion and live coin value change of BTC 1.54 in the last 24 hours.