Over time, there has been a lot of movement in the cryptocurrency industry. From one boom to another bust, there were times when investors believed the industry would come to a premature end. Even if the market is relatively stable now, some experts think it is in its best shape. For example, Joseph Lubin, Ethereum Co-founder, said that the cryptocurrency industry is currently at its strongest point. In his words:
“Cryptocurrencies are not at the verge of collapse”. He said this during the an appearance on CNBC.
As an industry leader, his bullish opinion of the ecosystem is a big deal. It left investors wondering what motivated his positive stance on cryptocurrencies. He further explained why he believes that cryptocurrencies have not come to an end even after going through a bullish 2018. He said that the fundamentals of the industry are still highly bullish and the ecosystem is at its strongest point. He said that true believers are still actively participating in the ecosystem and have not been discouraged by the decline in speculative interest.
Ethereum (ETH) Price Today – BTC / USD
Lubin said that he believes the industry is at its best because there has been a steady increase in the number of cryptocurrency and blockchain projects over the years. According to him, more developers, entrepreneurs and enterprises are becoming more aware of cryptocurrencies and the underlying blockchain technology. He continued:
“The industry is bigger than it was before and the infrastructure is being built on globally”.
Considering the fact that many Wall Street players and big fish tech companies are entering the industry, Lubin’s claims may have the right basis. While noting that the industry is on the way to greatness, he didn’t fail to mention some of the challenges that the industry still faces. His host during the interview with CNBC asked him about the regulatory issues surrounding blockchain technology and cryptocurrencies. Lubin, in response, said that even if the regulatory uncertainty has been an issue in the past, the fact that blockchain technology is focused on the facilitation of the digital asset ecosyem is going to make regulatory uncertainty a none issue. Many jurisdictions around the globe are starting to take a firm stance on cryptocurrencies.
As an example, Lubin said that the regulators in the United States have started to understand the significance of blockchain technology. Several other countries like Singapore, Japan, and Malta are also beginning to appreciate the blockchain technology and make provision for it. Only India and some other countries still have a strong stance about the issue.
When asked if he believed that the government should have a role to play in the industry, he said that they, at Consensys, do not pay too much attention to regulators because they do not put all their focus on cryptocurrency assets. He said that there isn’t any need to regulate the blockchain technology but the government can regulate how it is being used for the benefit of the public.