We Are At The Tail End Of A Crypto Bubble, According To Ethereum’s Creator Vitalik Buterin – Coinbase CEO Addresses Down Cycles
Ethereum’s creator Vitalik Buterin recently made a push for crypto adoption, and now he continues to reveal his thoughts on the current state of the crypto market.
He responded to a new tweet showing the drop in Coinbase’s web traffic which corresponds to the crypto bear market from the beginning of this year.
This is not the first time that Buterin has commented on the volatile ups and downs of the market.
About a month ago, he said that “There’s no ‘cure’ for bubbles except to let them run their course and pop, unfortunately.”
is the data from @SimilarWeb accurate?
— Tim Swanson (@ofnumbers) July 31, 2018
Brian Armstrong’s perspective on the crypto market
Coinbase CEO Brian Armstrong also provided his own perspective on the market, and back then he said that downturns are a great time to refocus and work on the ultimate task, which is the mainstream adoption of cryptocurrency.
“The crypto industry is like no other I’ve seen – lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news,” Armstrong stated.
He continued and stated that whenever there is hype in the crypto space, people become “irrationally exuberant,” and when there’s despair, they become too pessimistic.
Is anyone surprised? We're at the tail end of a crypto bubble.
— vitalik.eth (@VitalikButerin) July 31, 2018
He claims that neither of these is correct and reality is always somewhere in the middle, more correlated with real usage than price.
He also said that after many years he currently manages to enjoy all the down cycles in the crypto prices more because this gets rid of people who are in the business for all the wrong reasons.
On the other hand, it gives the other, the real enthusiasts an opportunity to keep making progress while everyone else gets distracted.
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.
Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.