Binance CEO Disagrees With Vitalik Buterin: “Crypto Will Absolutely Grow 1000x And More”
Vitalik Buterin, the co-founder of Ethereum (ETH), posted on Twitter on September 11th that “there isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.” Vitalik’s statement went viral in the crypto community but also forced some other market’s figures to come out to comment. For example, the Binance CEO disagreed with Buterin and said that “crypto will absolutely grow 1000x and more.”
After creating some buzz in the cryptocurrency community with many crypto enthusiasts contradicting him, Vitalik Buterin came out again with a new statement.
“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,'” Buterin added.
He then explained that a 1000 times growth in cryptocurrencies market would mean around $200 trillion or 70% of the world’s wealth in crypto. According to Buterin, that 70 % will not turn into cryptocurrencies.
Binance CEO and the VeChain leader came into the discussion, disagreeing with Vitalik Buterin
“Why don’t we just focus on how much business value can be actually running on Blockchain and how much liquidity of cryptocurrencies we will need for this happening and growing?” asked VeChain CEO Sunny Lu.
Backing up Sunny’s statement, the financial advisor of OneAlt Group also stated the Buterin, the co-founder of Ethereum (ETH), was not thinking in term of business.
Above all, the Binance CEO Changpeng Zhao’s statement contrasted the Buterin’s post directly.
“I will say crypto will absolutely grow 1000x and more!” affirmed Changpeng Zhao, Binance CEO.
Zhao also added that the cryptocurrencies market would grow by 1,000 times by only matching the USD market cap which is entirely possible, eventually.
Additionally, an analysis carried out by JPMorgan revealed that the market cap is not mirroring the total inflow of cash, but, in fact, it is 50 times the net cash inflow. Accordingly, the cryptocurrencies market could reach $200 trillion in market cap by only a $4 trillion inflow of cash.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.