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Wednesday, November 8, 2017

Crypto News: Cryptocurrency Pioneer Sees a ‘Total Bubble.’ Just in a Good Way

Cryptocurrency Pioneer Sees a ‘Total Bubble.’ Just in a Good Way

Cryptocurrency pioneer Joseph Lubin said the market is “totally a bubble” -- insisting that’s a healthy signal.

“This is the good kind of bubble that occurs when a profound technology emerges and can’t build out its infrastructure fast enough for all the people that see the value and the vision,” according to Lubin, who co-founded the ethereum digital-transactions platform.

Bitcoin’s seven-fold increase this year has ramped up speculation among investors from Ray Dalio to Peter Thiel over price sustainability and whether supply-demand analysis applies to technologies that are opaque and mostly unregulated. Bitcoin’s meteoric ascent contrasts with its less-than-4 percent growth this year in new supply.

As investors and banks take increasing interest in blockchain technology that’s the backbone of bitcoin and ethereum transactions, industry pioneers including Lubin often address doomsayers head on. Any price correction should help strengthen the industry going forward, said Lubin, who later founded ConsenSys, a developer of applications for bitcoin competitor ethereum.


Full story at https://bloom.bg/2jaCKTm


Source: Bloomberg


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