INTERNATIONAL - Ethereum co-founder Joseph Lubin said this past year’s surge in the value of digital currencies was a bubble and the burgeoning ecosystem is stronger because of it even as prices tumble.
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart,” Lubin said during an interview on Bloomberg Television.
“With each of these bubbles we have a tremendous surge of activity and that’s what we’re seeing right now.”
Lubin, who is the chief executive officer at ConsenSys Inc., said developer activity rose by “two orders of magnitude” since prices jumped last year.
He added that “trader types” are driving volatility and isn’t concerned that the slump in prices will slow down the development of core infrastructure and adoption.