Ethereum (ETH) creator Vitalik Buterin received significant criticism this week after stating in an interview with Bloomberg that there is no chance for “1,000-times growth” in the cryptocurrency space.
Many, including major media outlets, took this statement as an indication that the adoption of the underlying blockchain technology will never see another major spike in growth and even went as far to blame Buterin for the latest Ethereum sell-off.
However, Buterin recently took to Twitter to further clarify his statement, emphasizing that his statement was in regards to total market capitalization and not tech adoption.
To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
While Buterin’s clarification makes sense, as that type of growth would be a long time coming, he then took things a step further with a shot at TRON’s CEO, Justin Sun.
“Me: obviously, let’s be realistic, the entire world wealth is not going to turn into cryptocurrencies… Media: VITALIK IS A PESSIMIST!!!!!1!!1! Guys, if you spin things this way you’re *incentivizing* people to act more like @justinsuntron,” Buterin said in a follow-up tweet.
In response to the tweet, Sun emphasized his belief that the total cryptocurrency market will hit $10 trillion before any of the world’s largest companies reach this milestone.
I do believe the entire world wealth will turn into cryptocurrencies like blackhole and grow much bigger in the future. Cryptocurrency will hit 10 trillion USD market cap before @Apple and @amazon do. We will see. Time will tell. #TRON #TRX $TRX
— Justin Sun (@justinsuntron) September 12, 2018
Nonetheless, this interaction reveals that there is no love lost between the two crypto giants with competing smart contract platforms. ETH and TRX are currently ranked 2 and 12, respectively, in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.
More: Vitalik Buterin’s Tweet
Photo: TechCrunch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.