The New Reality of Cryptocurrency
Vitalik Buterin, the co-founder of Ethereum, recently dropped some truth bombs during an interview with Bloomberg. He indicated that the whirlwind growth of the cryptocurrency and blockchain industry that many have come to expect is winding down. As he put it, we’ve likely hit the ceiling for growth, transitioning from a frenzy of interest to a more stable phase where actual applications begin to rise.
No More 1,000x Growth?
Buterin elaborated on his skepticism about future gains by explaining, “If you talk to the average educated person at this point, they probably have heard of blockchain at least once.” So, if Aunt Martha now knows what blockchain is, the days of untamed speculation and astronomical returns appear to be over.
From Marketing to Reality
According to Buterin, the past six or seven years have primarily revolved around marketing cryptocurrencies for widespread adoption. Who could blame the crypto community for promoting their wares like carnival barkers? It worked—for a time. Yet, he posits that this approach might be approaching a dead end as superficial knowledge has reached its saturation point.
Market Fluctuations: A Bearish Tech Tale
Rewind to January 2018: Total market cap of all cryptocurrencies peaked at a jaw-dropping $828 billion. Fast forward to the present, and we’re staring at around $198.8 billion, a drop reminiscent of a roller coaster that has seen much better days. But as Roger Ver, aka Bitcoin Jesus, might say, it’s not all doom and gloom. He noted that despite the decline, Bitcoin is still up 58% from last year. Not exactly a crash, right?
Expert Predictions: Riding the Waves
With the market in flux, experts are weighing in with their predictions for what the end of 2018 might hold. Some are aiming for the stars while others temper expectations. Here’s what a few have to say:
- Tom Lee from Fundstrat believes Bitcoin could reach $25,000.
- Alexis Ohanian predicts Bitcoin and Ethereum will hit $20,000 and $1,500, respectively.
- Julian Hosp remains optimistic that Bitcoin could reach $60,000.
It seems opinions are as varied as the coins themselves!
