Has the blockchain and crypto currency industry already reached its peak? Are the days of unprecedented growth over? Two days ago, Ethereum’s co-founder Vitalik Buterin expressed his belief that the times of “1000-fold growth” have come to an end. Justin Sun, CEO of TRON, and Joseph Lubin, also co-founder of Ethereum, disagree.
Ethereum co-founder Vitalik Buterin recently stated that the crypto currency industry will not continue to grow at a rate of 1000 times. Buterin told Bloomberg in an interview:
If you’re talking to an average educated person at this point, they’ probably heard about the blockchain at least once. There is no opportunity for another 1,000-fold growth in anything in crypto space.
Today Vitalik Buterin offered a deeper insight into his views on the future growth of crypto currencies in a series of tweets. He emphasizes that his statement was based on total market capitalization, not technology adoption.
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*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
Me: obviously, let's be realistic, the entire world wealth is not going to turn into cryptocurrencies…
Media: VITALIK IS A PESSIMIST!!!!!1!!1!
Guys, if you spin things this way you're *incentivizing* people to act more like @justinsuntron
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
While Buterin’s clarification seemed to make sense, he went one step further in a tweet, fueling the rivalry between the two projects that TRON founder Justin Sun had previously started with his aggressive tweets and marketing tricks. This trick was obviously an effective one as Buterin tagged Justin Sun in his tweet, which was probably the goal of Tron’s founder all along – be mentioned in the same sentence with the much bigger and reputable Ethereum.
Responding to the tweet, Sun emphasized his belief that the entire crypto market will reach $10 trillion before any of the world’s largest companies reach this milestone and said that time will tell how big the impact of crypto currencies will be on the global economy.
I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell. #TRON #TRX $TRX
— Justin Sun (@justinsuntron) September 12, 2018
Nevertheless, the interaction shows that there is a strong rivalry between the two crypto giants and competing smart contract platforms. ETH and TRX are currently ranked 2nd and 12th of all crypto currencies by market capitalization, respectively. In particular, TRON’s CEO Sun has published aggressive marketing tweets in the past, explaining why TRON is supposedly better than Ethereum.
Ethereum’s Joseph Lubin has his own view
Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, said in an interview with CNN that he respectfully contradicted Vitalik Buterin’s statement about the future of the cryptomarket. In the interview, Lubin said that, in his opinion, the blockchain will touch virtually any existing asset and development has only just begun.
Vitalik is brilliant, but I wouldn’t agree with him. This is a technology that will affect how economic, social and political systems are built in the coming decades. So we are really just at the beginning.
In his opinion, the technology is still rather immature at the moment, but it will experience great growth and development in the coming years. He expects almost every asset to be converted into a token in the near future, which in turn points to the great growth potential of the industry.
The technology is still quite immature. But there will be so much evolution in this space and everything that exists at the moment will probably have a representation as a crypto-asset sometime in the future. So there is a lot of growth ahead.
In addition, he explained that the recently announced stable coin of the Winklevoss twins is a big step in the right direction for the industry. Lubin also pointed out that the Fintech company Circle will launch a stable coin that he believes will have an even greater impact. Their importance cannot be emphasized enough, he explained.
The whole interview can be viewed here.
