Cryptocurrency Market a 'Good Bubble,' Says ConsenSys CEO Joseph Lubin
Ethereum co-founder and ConsenSys CEO Joseph Lubin has said the cryptocurrency market is a bubble, but that it's the "good kind of bubble."
Nov 8, 2017 at 4:00 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5HEAYTMKO5ENBF6JYCG27BGNCM.jpg)
Joseph Lubin, ethereum co-founder and CEO of blockchain firm ConsenSys, has said the cryptocurrency market is "totally a bubble," according to a report.
However, in comments made to Bloomberg, Lubin clarified that the market is a "good kind of bubble" that comes when a "profound technology" appears and cannot build out fast enough for people to see its "value and vision."
As reported, he said:
On the recent surge in bitcoin prices, which leapt to an all-time high of $7,601 at the weekend, he added that a correction would help "strengthen" the industry going forward.
Moving on to discuss China's recent restrictions of cryptocurrency trading, Lubin, said that he sees the move as a "pause" and not a ban. Instead, the regulatory move, he said, is positive news marking China's recognition of the importance of the industry.
Bubble image via Shutterstock
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