According to Joseph Lubin, who was one of the first Ethereum cryptocurrency developers and now heads ConsenSys, the current growth comparable to economic bubbles is a good thing. “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,” he told Bloomberg lately.
Continuing this consideration, he predicts “bubble after bubble after bubble”, but when every bubble bursts, the cryptocurrency community will still find itself with more expensive Bitcoin and other coins than before. This means that Joseph Lubin pictures a series of prolonged bullish trends with occasional big downfalls.
The development of the blockchain technologies, together with this price evolution through bubbles, will lead to a new technological era — Mr. Lubin says it will ultimately change the way IT systems around the world are being built.
By the way, Lubin believes that cryptocurrency exchange ban in China is temporarily, and the ban itself was good, as it indicated that the government has recognized the importance of cryptocurrency market, deciding to halt it and take a closer look before, J. Lubin implies, it resumes it, but now with a more developed approach towards regulation.