Ethereum’s Co-founder, Vitalik Buterin, has been branded by mainstream media as being a pessimist after he spoke to Bloomberg and declared that the the blockchain ceiling had been reached. He also added that there was no more room for the 1,000-times growth in the value of cryptocurrencies as everyone was hoping for. His exact words were:
The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.
His words even got a reprimand from Binance’s CEO, Changpeng Zhao, who responded as follows:
I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.
Vitalik Clarifies his Comments
Vitalik Buterin has since clarified his comments to Bloomberg via a tweet that states that he did not directly state there is no room for growth. What he meant is that 1,000 times increase in the value of crypto right now, would meant that cryptocurrencies would reach a market cap of $200 Trillion. To him this was highly unlikely given that this value is 70% of today’s global wealth.
He would also add that the media took his words out of context and doing so would lead people to act more like Justin Sun. His exact words were as follows:
What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention
Throwing a jab at Justin Sun
The tweet negating that he is a pessimist and Vitalik throwing a jab at Justin Sun can be found below:
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.eth (@VitalikButerin) September 12, 2018
Binance’s CEO, Changpeng Zhao, would reply to the above tweet by stating that Vitalik was a victim of media. He would also state that he feels sorry for Justin Sun for the tweet.
You are obviously a victim of media. They slice one sentence you say and twist it to the max. Happens all the time. But poor Justin, lol. Just too funny.
Do you think Vitalik was misquoted by the media? What is your opinion on the growth of crypto right now? Please leave a comment below.