Co-Founder of Ethereum: temporary price collapse will not stop progress

Ethereum co-founder and CEO of ConsenSys Inc., Joseph Lubin, said in an interview with Bloomberg on August 14 that he does not believe that the recent collapse of the price of the cryptocurrency is a restriction for further growth.

In a recent discussion on the state of the cryptocurrency market with Bloomberg, Lubin said that last year's value increases were simply another bubble as the "six big bubbles, each one more epic than the last, and each bubble is surprising when they are happening".

He added that, in a meticulous analysis, those peaks look like "grains in a table". Lubin said that each bubble, like the current one, has caused a significant explosion of activity. He stated:

"We build a more fundamental infrastructure, we see a correction, and the potential becomes even more impressive ... I absolutely hope there is a strong correlation between the increase in prices and the growth of the fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude larger as a developer community than eight or ten months ago. "

Lubin attributed the volatility to "types of traders", that is, to speculative investors, saying that it is not necessarily an indicator of the improvement of the underlying infrastructure. When asked about how price volatility affects him, Lubin replied:

"So we can see the price and make plans for growth and projections, and we're still on track, basically. So this is not unexpected. "

Jump of faith

It can be seen that there are several positive comments about ETH, alleging that the situation does not stop the projects that were previously designed; they even consider it as an impulse to show that ETH is still alive, just something hit by events.

Currently, the currency seems to be beginning a stabilization process, reaching US $ 280 again. Critics estimate that if it manages to stay stable at US $ 300 for 2 days it could mean stability and create a resistance in that value, allowing us to start a new growth era.