It will come as no surprise to avid cryptocurrency followers that Vitalik Buterin’s interview from a few days ago – which Toshi Times covered at the time – has caused somewhat of a stir.
More specifically, the Ethereum co-founder statement that ”the days of seeing 1000x growth in the cryptocurrency sector” are now over, which was met with a flurry of community and observer backlash.
Some Twitter commentators floated the idea that these comments stemmed from Buterin himself being ”out of ideas”, that the statement constituted a buy signal, and that Buterin ”should be ashamed of saying that”.
It would seem that Buterin is now trying to clarify his comments after the amount of attention they have amassed. He has recently taken to Twitter and stated that those reacting to his comment should read it more carefully.
”To be clear, I never said that there is ”no room for growth” in the crypto ecosystem. I said that 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.”
”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.”
These comments from Buterin are levelheaded, rational and address an issue that should never have arisen from the start. His original tweet clearly said that there is no room for gains in the magnitude of thousands, and did not suggest that ”there is no room for growth” in the cryptocurrency sector as a whole.
Rather, those following Buterin on Twitter or watching his other announcements closely will know that he is notoriously bullish on cryptocurrencies as a whole – otherwise one would presume that he would lessen his involvement with them.
In addition to the previous statements, Buterin also poked fun at the way media outlets and observers misinterpreted his statement and similarly took a shot at Justin Sun, the CEO of TRON.
Specifically, he wrote ”Me: obviously, let’s be realistic, the entire world wealth is not going to turn into cryptocurrencies… Media: VITALIK IS A PESSIMIST!!!!!1!!1!”.
Buterin then also added ”Guys, if you spin things this way you’re *incentivizing* people to act more like @justinsuntron,” referring to Sun’s habit of posting extremely bullish predictions on cryptocurrencies and hyping it up.
It is unknown whether this was done tongue-in-cheek or not, but Sun then responded to Buterin’s tweet and stated that Buterin was wrong – not only 70%, but actually 100% of the world’s entire wealth will become cryptocurrencies, stating that ”cryptocurrency will his 10 million USD market cap before @Apple and @Amazon”.
Nevertheless, it should be remembered that even if cryptocurrencies reach a market capitalization of $10 trillion, this is still a far cry from the $200 trillion that would be required to constitute a 1000x increase of the cryptocurrency market.
Image Source: “Flickr’
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.