Ethereum founder Joseph Lubin disagreed with Ethereum co-founder Vitalik Buterin’s assessment that the days of explosive growth in the blockchain and cryptocurrency industry are waning.
Lubin, 53, said while Buterin, 24, is “brilliant,” he believes the sky is the limit for virtual currencies because the crypto ecosystem is at the beginning of its evolution, and there’s exponential growth ahead.
‘There Will Be So Much Evolution’
“Vitalik is brilliant, but I would have to disagree with him on that,” Lubin told CNN (see video below). “This is a technology that’s going to impact how economic, social and political systems are built over the next few decades. So we’re really just at the start of this. There will be so much evolution.”
Lubin, whose net worth reportedly tops $1 billion, said blockchain, the technology underpinning bitcoin, is young and so are cryptocurrencies. Once people start to grasp how revolutionary the digital technologies are, they will really take off.
“The technology is still relatively immature,” Lubin said. “But there’s going to be so much evolution in this space, and everything that’s an asset right now is probably going to have representation as a crypto asset at some point in the future. So there’s just so much growth ahead.”
Ethereum co-founder Joseph Lubin talks with CNN's Julia Chatterley about the huge rally and fall of cryptocurrency. He still sees growth in the crypto industry https://t.co/oHuY8rCe8g pic.twitter.com/9BkX5yMAHD— CNNMoney (@CNNMoney) September 11, 2018
As the Inquisitr previously reported, crypto wunderkind Vitalik Buterin generated heavy backlash after saying the growth in the blockchain industry has hit a “ceiling” because the average person has already heard of blockchain and is somewhat familiar with cryptocurrencies like bitcoin.
“The blockchain space is getting to the point where there’s a ceiling in sight,” Buterin 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.”
Buterin, whose net worth reportedly tops $400 million according to Forbes, said the cryptocurrency ecosystem must now evolve and develop if it wants to survive and thrive beyond just being a novelty.
“[We have to] go from just people being ‘interested’ to real applications of real economic activity,” Buterin said.
Warren Buffett: Bitcoin Is A Scam
The cryptocurrency industry has been trashed by billionaire moguls like Bill Gates and Warren Buffett, who said bitcoin’s erratic price movements suggest it’s a tool for gambling, and not a viable long-term investment vehicle, as the Inquisitr previously reported.
But Joseph Lubin said the recent price booms for bitcoin and other crypto have been instrumental in the spike of digital currencies because they generated countless headlines and dramatically raised the industry’s profile.
“The booms actually bring a lot of attention to our space, lots of technologists, entrepreneurs, and consumers,” Lubin said. “So those are great. We are actually seeing a great amount of activity right now because of the boom that happened.”