Vitalik says current crypto adoption strategy is nearing a “dead end”

  • September 8, 2018
  • 2:57 pm ET

Vitalik Buterin speaks during the TechCrunch event in San Francisco, California.

Ether’s price continues to fall in reaction to Vitalik’s comments about the state of the crypto market.

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In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Vitalik Buterin, co-founder of Ethereum and Bitcoin Magazine, commented on the growth of Bitcoin and cryptocurrency in general and proclaimed the adoption strategy is just not working anymore.

Bloomberg speculates that the days of “explosive growth” in the crypto markets have likely come and gone, and Vitalik seems to agree:

“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.”

Despite his sentiment, Vitalik does provide a glimmer of hope, and calls on those who are already interested to get involved in a more in-depth way.

“Go from just people being interested to real applications of real economic activity.”

Following Buterin’s comments, Ether hit a low of $199 at press time, and many are speculating that the price may fall another 25%.

Daily Ethereum USD Chart

Img Via TradingView

Although Ethereum remains the most popular platform for startups to build blockchain-based applications, many are speculating that the continued downward pressure on Ether’s price is due to companies who hosted ICOs selling off the Ether they raised.

One thing is certain, the demand for Ether is nowhere near what it was during the ICO-mania of 2017 which caused the price to spike to over $1400 in the very beginning of this year.

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