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Ethereum co-founder Joseph Lubin said he did not see the recent collapse of cryptocurrency prices as an obstacle to market growth. In a recent interview with Bloomberg, Lubin said that the collapse in prices is not a new development as it has always been present in the blockchain ecosystem since 2009 when Bitcoin was invented. "
He went on to notice that despite the price collapse, under examination, the price bubbles will seem" little pimples on a chart "because" the growth has been exponential ".
" People are hurrying because they see the promise of technology. But then, we build a more fundamental infrastructure, we see a correction, and the potential becomes even more impressive … I expect absolutely that there is a strong correlation between the price increase and the growth of fundamental infrastructures in the 39; ecosystem. "
Lubin, who left Ethereum to launch ConsenSys, an organization that helps startups build on the Ethereum network, said each bubble led to a" tremendous wave of activity "that saw the development activities rise of "two orders of magnitude" from the jump at prices last December.
For Lubin, bubbles are part of the ecosystem that has both positive and negative aspects.Each of the bubbles experienced in the market has brought more "attention into our ecosystem", he explained.The bubble has created attention for the industry that has attracted entrepreneurs, developers and investments and the prospect of "building fundamental infrastructures" and creating more value.
constant volatility in encrypted prices, however, has been attributed to "types of merchants" but Lubin insists that the recent fall in prices will not slow down the adoption or development of critical infrastructures for ;ecosystem.
He said:
"We feel the exponential increase of activities in our ecosystem is upsetting what is happening in terms of different product projects, in terms of new scalability technologies, new teams and projects, developers who are entering our ecosystem, new big companies that have adapted to our ecosystem. "
At the beginning of the week, the price of ethereum fell below $ 300 for the first time since November 2017. L & # 39; ETH eventually dropped to $ 249 before rebounding to a current value of $ 287.
Featured Image from YouTube / Crypto News Clips
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