Crypto is nearing its growth ceiling and will need to come up with a new strategy, Ethereum co-founder Vitaluk Buterin has said.
Speaking with Bloomberg, Vitaluk said that the push from marketing and rising awareness for cryptocurrencies has now expired, with the “average educated person” now already aware of the technology.
He said: “The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.
“This strategy is getting close to hitting a dead end.”
The first half-decade of crypto’s life, he explained, has been about getting it into mainstream conversation, and now the challenge is to get people who know about crypto to actually interact with it.
“[We need to] go from just people being interested to real applications of real economic activity,” he added.
Crypto values across the board have been hit hard over the last week or so, none more so than Ethereum, and this has been partially attributed to a lack of clarity around mainstream organisations’ involvement.
“I honestly don’t think this stuff matters much,” Buterin continued. “There’s honestly a part of me that would be happier if institutional trading of cryptocurrencies did not happen at all for another five years. Ultimately if all cryptocurrency is, is this thing that millionaires keep buying and selling to each other, then what have we really accomplished?”