Home / Crypto News / Binance CEO contradicts Ethereum Founder: crypto will grow 1000 times

Binance CEO contradicts Ethereum Founder: crypto will grow 1000 times

image

As reported on the blog, Vitalik Buterin, co-founder of Ethereum, recently tweeted:

“There is simply no growth opportunity in the [cryptocurrency] space that is a thousand times greater.”

This statement has made waves in the world of cryptocurrency, so that Buterin felt compelled to clarify it. He said that his statement did not mean that there would be no growth in the industry:

“To be clear, I have never said that there will be” no growth “in the crypto-ecosystem. I said that “there are no more thousand-fold increases.”

To be clear, I never said that there is no space for growth in the crypto ecosystem. I said there is no room for * 1000x price increases *. $ 1000T in crypto, or ~ an entire 70% of today's global wealth being in crypto.

– Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018

As an addition, Buterin explained that an increase of a thousand times today would mean $ 200 trillion in cryptocurrency. This would mean that 70% of the world's total assets would have to be invested in cryptocurrencies. That was not plausible, said Buterin. He added that he had actually said that much of the population had already heard of crypto. Therefore, further growth over the “depth”, ie real use, come, not a higher awareness.

VeChain also commented on the discussion

Sunny Lu, the CEO of VeChain, also clarified his point of view in the discussion. He tweeted:

“Why do not we just focus on how much business value can actually run on the blockchain and how much cryptocurrency liquidity we need to make that happen and grow?”

OneAlt Group financial adviser shared Lu's opinion. He pointed out that Buterin had not talked about the aspect of business value. But this is indispensable for the growth of the industry.

Changpeng Zhao, the CEO of Binance, also contradicted Buterin on Twitter. He wrote:

“I still disagree. I would say that crypto will grow a thousandfold and more! “

Further, Zhao said that just reaching the US dollar market capitalization will boost the industry a thousandfold. It is only a single currency with a limited use case. By contrast, the derivatives market is so much bigger, Zhao wrote.

I still disagree with this. I want say “crypto absolutely wants to grow 1000x and more!” Just reaching USD market cap wants to give it close to 1000x, and that is much bigger. https://t.co/bvSttEeCmc

– CZ Binance (@cz_Binance) September 12, 2018

In addition, Zhao tweeted:

“You can not use traditional market sizes to calculate the potential for new technologies or industries. So, if you take the taxi market (and people did that) to estimate Uber's potential, you're a long way off. “

Twitter user Gabe Taps responded, referring to an analysis published by JPMorgan. Thus, market capitalization does not necessarily reflect the actual influx of money. In fact, the market capitalization shows a 50-fold increased net value. This means that reaching a market capitalization of $ 200 trillion would be possible with just $ 4 trillion.

Sources: Bloomberg, Twitter 1, Twitter 2, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/Binance-ceo-widerspricht-ethereum-gruender-krypto-wird-1000-fach-wachsen/

Disclaimer: CoinNewsDesk.com is a crypto news portal, financial discussion forum, and content curator / aggregator. Articles on Coin News Desk are provided for entertainment and information purposes only. We are not an investment advisor and do not provide financial advice.

We can not review all articles posted on CoinNewsDesk.com. Please independently research and verify any information here before relying on it as fact. It's also important to do proper due diligence and analysis, including consulting a professional financial advisor. No content on Coin News Desk makes any recommendation to enter into any type of investment or engage in any investment strategy on this website.

About Coin News Desk Team