On September 8, the co-founder of Ethereum Vitalik Buterin told Bloomberg that the blockchain space is almost at its peak. Buterin disclosed this at the Ethereum industry summit at Hong Kong.
He explained that blockchain is already mainstream, therefore there no way it would experience another 1000-times growth. The crypto billionaire stated that the growth of cryptocurrency in its first seven years relied majorly on marketing. However, he added that this strategy is not as effective as it used to be.
Further, Buterin stated that the next phase in cryptocurrency is making people more involved in blockchain. He believes that the awareness strategy used in the early years of cryptocurrency should be changed to an adoption strategy.
In contrast to Buterin’s believes, the Managing Director of Kenetic Capital told Bloomberg that it is quite possible for cryptocurrency to explode in 2019. He reportedly stated that the market has deep reservoirs of value that could trigger another exponential growth.
Institutional Investors and Cryptocurrency
Of recent, the crypto community has been fixated on the impact of institutional investors on the crypto market. The increase in proposed cryptocurrency adoptions by established corporations was lauded as the next big break for the market.
Last week, the prices of cryptocurrencies slumped when a rumor surfaced that Goldman Sachs was bailing out of its proposed cryptocurrency trading desk. As a result, the price of bitcoin dropped to $6,279.08 on Wednesday.
A day later, the CFO of Goldman Sachs Marty Chavez publicly stated that the rumors which had gone viral were false. He revealed that the bank still plans to trade bitcoin, even though there is no solid time frame for the project.
Buterin Not Happy With the Influx of Institutional Investors
Buterin told Bloomberg that he is half excited about the ongoing adoption of cryptocurrency by institutional investors. He revealed that he would prefer that institutional trading of cryptocurrencies do not happen for another five years.
Buterin explained that the introduction of institutional investors would likely put a large percentage of cryptocurrencies in the hands of millionaires.