Vitalik Buterin’s comments that the days of seeing 1000x growth in the crypto space were met with a significant amount of community backlash, no doubt much of it from those who invested heavily at the wrong time and are eager to see the market take off once again.
Throughout article comment sections and Twitter threads, the Ethereum founder’s lack of understanding of price movement and economics were harshly criticized.
People in the CCN.com article comment section even resorted to stating that Buterin looked unwell and speculated that he was ill and wearing medical equipment in recent photos.
Of course, what Buterin was saying was accurate, and after the backlash he stepped up to defend his comments on Twitter, stating:
“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said 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.”
Buterin went on to mock the widespread negative responses to his statements that 70% of the world’s global wealth would not suddenly convert into crypto, taking a pot shot at TRON CEO Justin Sun for good measure.
Buterin was, of course, referring to Sun’s tendency to hype up crypto beyond what many consider to be reasonable expectations. While Sun was composing a response Binance CEO Changpeng Zhao got involved both to support Buterin and to take the opportunity to have a laugh at Sun’s antics as well.
Sun then lived up to and even exceeded his reputation by stating that not only 70% but 100% of the world’s entire wealth would indeed be converted into cryptocurrencies, the market cap of which will reach $10 trillion before the world’s most valuable companies, saying “time will tell.”
Of course, Sun’s $10 trillion prediction is still quite a long way off from the $200 trillion required to boost the crypto market cap another 1000x. It seems logical that Buterin is right in what he’s saying, but while cooler heads happily stated that there was still room for 2x, 3x, or perhaps even 100x growth which is still astronomical, that simply wasn’t good enough for many of the crypto enthusiasts offended at the idea that they’ve missed their moonshot.
Featured image from Flickr/TechCrunch.
Last modified: May 20, 2020 6:00 PM UTC