Recently, Vitalik Buterin, the Co-Founder of Ethereum, spoke about crypto growth at the Ethereum Industry Summit conference in Hong Kong, in an interview with Bloomberg.
During the interview, the Vitalik said that the blockchain industry has reached a point where it can be seen hitting the ceiling. In his opinion, in the current scenario, an average educated man will probably have heard of blockchain at least once. He further added:
“There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
Vitalik alsosaid that the initial growth in Bitcoin [BTC] and other cryptocurrencies in the first five or six years into the blockchain industry were inclined to depend on marketing strategies and it required a wider set of people to adopt. However, the strategy will be hitting a dead end, he hints.
Buterin said that the future of the industry next involved bringing people who are currently interested in cryptocurrencies to be involved in a deeper sense.
In a text message to Bloomberg, Jehan Chu partner at blockchain investment and advisory company, Kenetic Capital wrote that there may be chances for further growth of the industry in 2019. He added:
“There are deep reservoirs of value just waiting for the right trigger.”
The crypto market has seen a rapid decline in value this year, and Ethereum has been dragged down with the weight of the bearish market. It was reported to fall below the $200 line, marking its new low since June this year. The Ethereum platform serves itself as the hub for ICO funding and the fall has raised concerns among many. In a recent interview with Ran Neu-Ner, four CEOs of companies in crypto Israel sat to discuss the effects and gave their opinion on the same.
On the other hand, the governments have still shown a negative stance towards the crypto industry. Recently the U.S Securities Exchange Commission [SEC] denied 9 Bitcoin ETF proposals stating that it was concerned about unregulated market volumes in the industry. However, the Commission decided to review its decision which is still pending with them.