Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, a blockchain startup, sees the digital currency market as a bubble, but he asserts it is a healthy one.
Cryptocurrency Market Bubble
He stated that the market is “totally a bubble,” but he also explained that “This is the good kind of bubble that occurs when a profound technology emerges and can’t build out its infrastructure fast enough for all the people that see the value and the vision.”
The statement comes amid increasing speculation among investors regarding digital currencies’ price sustainability. They see the technologies behind digital currencies as opaque and unregulated in most cases, preventing supply-demand analysis from applying to them, like it can be applied to classic, physical assets.
Lubin further explained that the technology (blockchains) behind digital currencies has a massive impact and possess huge power. It has such a big impact that it has the potential to completely change “the way IT systems around the world are being built.”
Lubin also touched the topic of a recent move by China, when the country halted exchange trading of cryptocurrencies. He doesn’t see the move as a permanent ban, but a pause, because Chinese like to have more control over digital currencies. He concluded by saying that ”they want to instrument situations a little better so that they have a better understanding of what is going on in the exchanges.”
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