“Blockchain won’t witness 1,000-times growth again” says Vitalik Buterin
Change is the law of nature, and our word is continuously changing with the advancements in technology. These technologies have both positive and negative impact on us. But most of the time, the idea is the upliftment of our society and the functioning of organizations more transparent and lucid.
With the advent of Bitcoin in 2009, the blockchain has been one of the attempts to solve problems and simplify lives. Last five years have turned out to be extremely fruitful for blockchain and its applications. But now it seems that the growth rate is on a decline in this shrinking market.
Vitalik Buterin’s recent interview with Bloomberg was perhaps the reflection of the same story. According to Buterin, the hype around the blockchain is cooling off.
Vitalik Buterin said in his statement, “The blockchain space is getting to the point where there’s a ceiling in sight.” he further points out, “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.”
The Ethereum co-founder believes that people with basic knowledge about cryptocurrencies and blockchain should only be encouraged to involve in the blockchain world in an efficient and in-depth way. He said, “Go from just people being interested in real applications of real economic activity.”
Ether has seen an extreme downturn of more than 85% since January, making it evident that now people are not investing in blockchain related applications just for the sake of curiosity but after having a general awareness about it.
Both ether and bitcoin suffered from the slump as a consequence of a report claiming that Goldman Sachs was suspending plans for a crypto trading desk (which was reportedly marked as fake by CFO Martin Chavez). The crypto or blockchain growth in relation to institutional trading doesn’t seem to bother Vitalik Buterin as he said, “I honestly don’t think this stuff matters much. There’s honestly a part of me that would be happier if institutional trading of cryptocurrencies did not happen at all for another five years.” Buterin also said, “Ultimately if cryptocurrency is a thing that millionaires keep buying and selling to each other, then what have we really accomplished?”
All these remarks from Vitalik Buterin show that he is the true believer of the blockchain and crypto-backed economy. Among all the hustle and bustle in the financial and technological world; the future of the blockchain remains undecided!