Joseph Lubin – the CEO of ConsenSys Inc. and co-founder of Ethereum (ETH) – said that he doesn’t see the recent collapse in the values of digital currencies in the crypto industry as a constraint to further growth. He said this in an interview with Bloomberg on the 14th of August.
In a discussion regarding the state of the digital currency market, the co-founder and CEO said that the increases in values of digital currencies over the past year were just another “bubble” just like the previous “6 big bubbles, with each more heroic than its predecessor.”
Lubin said that those peaks look like “pimples on a chart” on a close scrutiny, adding that each bubble has led to a considerable burst of activities.
How Lubin Sees the Volatility in the Market
Lubin said that “they create more fundamental infrastructure, they see a correction, and the potential even gets more impressive. He believes that there is a firm correlation between the increase in value and the development of essential infrastructure in the ecosystem and developmental growth in the industry. He said that they are two orders of magnitude larger as a dev community than they were about ten months ago.”
The CEO attributed the volatility in the crypto market to “trader types,” (speculative investors), adding that it’s not essentially an indicator of fundamental infrastructure enhancement. When asked about how he is affected by the volatility in the market, he said that “they are making growth projections and plans by looking at the price, and they are still on track. So this volatility isn’t unexpected”
Ethereum (ETH) Price Today – ETH / USD
Ethereum (ETH) is currently trading at $281 after amassing gains of more than 5.5 percent over the past twenty-four hours. Ethereum (ETH) currently boasts of a market cap of $28.86 billion and a trading volume of $1.92 billion over the past twenty-four hours.