Ethereum’s Co-Founder Joseph Lubin Believes That Drop In The Market Will Not Harm Cryptocurrency Growth
Joseph Lubin, Ethereum’s Co-Founder is bullish on virtual currencies and the crypto market. He said that he does not believe that the recent drop in the price of cryptocurrencies will affect the long-term growth of the market.
He commented these things in an interview with Bloomberg, explaining that volatility has always been present in the blockchain ecosystem after Bitcoin was invented in 2009. At the same time, he stated that those drops will seem like ‘little pimples on a chart.’ Mr. Lubin explained:
“People are rushing in because they see the promise of the technology. But then, we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem.”
Lubin left Ethereum some time ago in order to launch ConsenSys, an important organization that helps companies and other projects to build using Ethereum’s network. After each of the bubbles, there was a tremendous surge in activity. In general, the time between two bull markets, is used by companies in order to build infrastructure, improve services and products, and be better positioned for the next positive period.
Additionally, he said that the constant volatility in cryptocurrency prices will not affect adoption of the development of infrastructure in the system.
He has also said that they feel that there is an exponential increase in activity in their ecosystem. Furthermore, he stated that in terms of scalability technologies, teams and projects, there is a very good atmosphere to work and improve.
At the moment of writing, Ethereum is being traded around $302 dollars, according to CoinMarketCap. It is also the second most important virtual currency in the market with $30 billion dollars value. Some weeks ago, Ethereum (ETH) reached new lows this year after being traded close to $250 dollars.