Is crypto in a bubble? The question has been asked a lot recently. Consensus 2018 ended not too long ago; the week-long conference, held in New York City, dedicated entirely to blockchain and cryptocurrency, made it seem like the crypto space was hot, and all was good.
Today, however, Wikipedia’s co-founder challenged that mentality. Of course, just by looking at the crypto markets last week, one could have thought of this conclusion all on their own, but sometimes, all we need is a little push.
Is Crypto in a Bubble?
Today, at the BlockShow Europe 2018 conference, Jimmy Wales, one of the founders of Wikipedia, gave his opinion on one of the most popular questions in the crypto space: is crypto in a bubble? The answer? Yes. However, it’s not just crypto. Wales also believes blockchain is in a bubble as well.
The 51-year old American internet entrepreneur stated that “right now, we are in a bubble.” He added that he doesn’t believe many would deny this statement, either. He makes a fair point, considering Bitcoin prices are currently falling. BTC may be up 3.24% in the past twenty-four hours but we can’t ignore the fact that the virtual currency has dropped well below the $8,000 mark.
Wales made it clear that in no way does he think the crypto bubble will pop tomorrow, but he did want to make it evident that people shouldn’t get too comfortable. The crypto bubble and blockchain bubble will pop, eventually.
So, there’s proof of crypto potentially being in a bubble, but what about blockchain? Is blockchain in a bubble? Well, the Wikipedia co-founder certainly thinks so, and Jimmy Wales is not the only one with a mindset such as this. In fact, the whole Chinese government believes something similar.
Is Blockchain in a Bubble?
As mentioned, Jimmy Wales is not the only person to believe in the blockchain bubble. This week, the Chinese government announced that the lifespan of a project based entirely around blockchain technology is 15 months. Not the best statistics, considering numerous companies have dropped everything to start working on blockchain projects.
Do you believe in the crypto bubble or the blockchain bubble? Let me know below.
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