Looking for your favorite sh*tcoin to moon again like back in January? Odds are that’s not going to happen — and Ethereum co-founder Vitalik Buterin agrees.
Speaking in an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Buterin explained:
The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.
According to Buterin, cryptocurrencies have previously been primarily about trying to gain recognition. Now, you’d be hard pressed to find someone who hasn’t at least heard of Bitcoin. They’ve also probably heard of ‘the blockchain.’ Heck, there’s even a decent chance they’ve heard of Ethereum.
Unfortunately, there’s an even better chance they know someone who lost money buying at the top of last year’s bubble.
“That [marketing] strategy is getting close to hitting a dead end,” Buterin said, before explaining that now cryptocurrencies need to “go from just [getting] people being interested to [providing] real applications of real economic activity.”
When the Levee Breaks
The project which made Buterin famous — Ethereum — has (‘as the kids say’) gotten rekt.
Reaching highs above $1,400, there was actually a time when many in the cryptocurrency industry believed Ethereum would top Bitcoin as the dominant cryptocurrency. Those sentiments seem silly now, as ‘The Flippening’ is likely never going to happen.
When it rains, it pours — and the levee has all but broken when it comes to sentiment surrounding Ethereum.
The initial coin offering bubble has burst, putting the ICO factory’s future in jeopardy. Meanwhile, investors are getting impatient and some in the media are questioning whether or not ether (ETH) has any intrinsic value at all.
Patience is a Virtue
Nevertheless, it’s important to remember that all cryptocurrencies are in the throes of a bear market — were fear, uncertainty, and doubt (FUD) reigns supreme — so it may not be time to sound the alarm on Ethereum just yet.
What do you think of Ethereum’s future in the cryptocurrency market? Do you think ether is still a valuable investment? Let us know your thoughts in the comments below!
Images courtesy of Shutterstock, CoinMarketCap.