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Ethereum Co-founder: the fall of the markets will not prevent the crypto-industry development

ICO-NEWS-not-prevent-the-crypto-industry-development Joseph Lubin | Ethereum co-founder

Ethereum co-founder Joseph Lubin said that he does not view the decline in the value of cryptocurrency as a constraint on the growth of the industry. In his recent interview with Bloomberg, Lubin said that the drop in prices is not a new phenomenon. It was present in the "ecosystem of the blockchain since 2009 - from the moment Bitcoin was invented."

He also noted that, despite the declining value of the cryptocurrency, price bubbles will appear to be "small bumps on the chart", because "growth was exponential".

"People are rushing in because they see the promise of the technology. But then, we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive… I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem."

Lubin left Ethereum to found ConsenSys, an organization that helps startups create applications on the Ethereum.

The former co-founder of the Ethereum stated that each price bubble led to a "huge surge in activity" in the field of development, which doubled since the sharp price increase in December last year.

For Lubin, bubbles are part of the ecosystem and have positive and negative properties.

The constant volatility in crypto prices, however, was attributed to "trader types," but Lubin insists the recent slump in prices won't slow down adoption or development of core infrastructure for the ecosystem.

He said:

"We feel the exponential increase in activity in our ecosystem. It is overwhelming what's going on in terms of our different product projects, in terms of new scalability technologies, new teams and projects, developers that our entering our ecosystem, new large companies that have gotten comfortable with our ecosystem."

Earlier this week, the Ethereum price dropped below $300 for the first time since Nov. 2017. ETH ultimately fell as low as $249 before rebounding to a present value of $287. 

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