Joseph Lubin, the co-founder of Ethereum, has said that he doesn’t believe the recent drop in crypto values means a growth constraint for the entire market. In a recent interview, he explained that such fluctuations and price drops are nothing new, but have been present in the ecosystem ever since the invention of Bitcoin back in 2009. He maintains that such little fluctuations cannot compare to the “exponential growth” seen by the industry.
“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, who has also launched the ConsenSys service, which helps upcoming firms create Ethereum-based platforms, said that each such fluctuation has led to huge amounts of activity, which has seen progress in the industry rise by huge bounds ever since the price jump late last year.
Lubin thinks that such bubbles are part of the ecosystem, which has its own upsides. Each such fluctuation, he said, had served to bring more and more attention to their ecosystem. The fluctuations have brought the industry to a lot of attention, attracting a huge number of investors, developers, and entrepreneurs. They come together to create the future infrastructures of the field to create even more value.
While the consistent volatility is obviously an issue to some, Lubin insisted that it won’t affect growth within the industry, or bring down adoption or development.
He explained how the exponential increase can be felt in the Ethereum ecosystem, how incredibly diverse the projects using this product really have become, citing scalable technologies, new and upcoming teams and project ideas, developers that are coming into the blockchain ecosystem, and the new large-scale companies that have become comfortable with the ecosystem.
Earlier this week, the price of ETH fell below $300 for the first time since November last year. Currently standing at about $298, it had fallen as low $249.