Blockchain Industry To Soon Reach Ceiling ― Buterin
Ethereum co-founder Vitalik Buterin believes that the blockchain industry is finishing its period of meteoric growth and will soon reach the ceiling. A majority of people are already aware of cryptocurrencies, and the current marketing strategy is no longer valid, he said in his interview to Bloomberg.
As explained by Buterin, the growth of cryptocurrencies' popularity, if we consider the first six to seven years, relied on marketing and business strategies aimed at the application of the first cryptocurrency and other digital assets. But now, when almost every educated person knows at least something about blockchain, the industry has nowhere to move further ― there is no opportunity for a 1000-times growth if we consider the sector by large. The blockchain industry is approaching the point where the ceiling is already visible, he concluded.
In the opinion of the co-founder of Ethereum, blockchain representatives should aim to attract its customers who are already familiar with cryptocurrencies and strive to closely cooperate with them. Buterin is confident that interested users should use blockchain in day-to-day financial activities.
The cost of bitcoin and ether declined last week after denunciation of the report that a major investment bank Goldman Sachs is going to launch cryptocurrency trading. In particular, from the 5th to 6th September, bitcoin lost 12% of its value and reached $6500.
Buterin said that one shouldn’t pay much attention to this news. As the crypto enthusiast admitted, he somewhat desires that institutional investors won't take part in crypto trading within next five years. Otherwise, it turns out that millionaires buy and sell cryptocurrencies to each other, explains Buterin.