We have seen booms and busts, but the Crypto ecosystem has never been stronger
"Digital currencies (Crypto) are not on the verge of a collapse." C & # 39 were the controversial words conveyed by Joseph Lubin, a co-founder of Ethereum (ETH) and founder of Consensys, during a recent appearance on CNBC's "First On CNBC". segment.
Although this sentiment by an important industry leader is evidently bullish, many investors have left to wonder what catalyzed his optimistic statement. Of course, predicting this result, Lubin went on to explain why he is sanguine, and the prospects for the nascent cryptic world, which has been defeated and wounded in hell since the beginning of 2018.
Underlining the recurring theme of cycles in the cryptocurrency sector, Lubin, a Canadian technology entrepreneur, noted that in the cryptographic ecosystem in the last decade there have been a series of "booms and declines". Alluding to the fact that while prices are in a "bust", the fundamentals are "booming", the co-founder of Ethereum added that this budding ecosystem is the strongest it has ever been, indicating that the decline of # 39; speculative interest has not bothered the true believers of this innovation.
Lubin added that he is making this request due to a colossal increase in the number of projects, people, entrepreneurs and developers who are actively involved in this space. He elaborated, stating:
They are orders of magnitude bigger than it was and the basic infrastructure is being built.
And giving a glimpse of the recent cycle of news, with Wall Street players and technology hotshs entering this space, it is clear that Lubin's statements should be true for today's investors, even in a market cycle. depressed.
Co-founder of Ethereum: "C & # 39; is still regulatory uncertainty"
The CNBC host, pushing the interview forward, continued to question the Consensys founder on how the regulatory situation regarding cryptocurrencies and blockchain technology.
Overturning the demand, Lubin noted that when blockchain technology is reduced, it is a question of decentralizing traditional systems, such as trade, finance, tokenised custody systems and the construction of infrastructures for the sole purpose of facilitating the ecosystems of goods. digital. And as such, he explained that regulatory uncertainty has begun to become a thing of the past in "different jurisdictions" around the world.
Giving an example, the eminent cryptocurrency innovator explained that the United States and its regulatory bodies have begun to have a good grasp of the value of blockchain technologies. This not only applies to the United States, as a number of nations around the world, such as Japan, Singapore and Malta, have also expressed an explicit desire to adopt digital goods with open arms, albeit with some restrictions.
Lubin's statement on the regulatory environment of cryptocurrency sparked another question from CNBC, which asked whether the co-founder of Ethereum believes that government intervention is needed in this respect. sector.
Trying to avoid answering the whole question, Lubin noted that in Consensys, which is often referred to as Google of the blockchain world, there is not much attention to regulations, since the startup does not focus on resources. cryptographically too much However, by closing its appearance on CNBC, the Consensys executive explained that it makes no sense to regulate the technology itself, but rather how technology is used.
Title Image Courtesy of Ray Hennessy on Unsplash