Co-founder of Ethereum and CEO of ConsenSys Inc. Joseph Lubin in an interview for Bloomberg said that he does not consider the recent collapse in the crypto currency market significant enough for the industry to stop developing.
Lubin says he believes that last year’s price spikes were just another bubble, like the previous “six big bubbles, each of which is even more epic than the previous ones.
He added that on closer examination these peaks look like “pimples on the diagram.” Lubin said that every bubble, and the recent one in particular, contributes to the growth of activity in the industry.
What Lubin says “We are building a more fundamental infrastructure, we see a correction, and the potential is more impressive every time … I am absolutely sure that there is a strong correlation between price increases and the growth of the fundamental infrastructure in the ecosystem, as well as the overall level of ecosystem development. The community of developers involved in the industry has increased by at least two orders of magnitude, compared to what was eight or ten months ago.”
Lubin explains the volatility of a large number of speculative investors present in the region, but this is not necessarily an indicator of improving the basic infrastructure.
Yesterday, Ethereum (ETH) fell to an year low and traded around 250 US dollars. The last time, the price of this crypto currency fell below the $250 mark in early September 2017. Today, the price has slightly adjusted and is around 300 dollars.