Wikipedia founder decries cryptocurrency “bubble”

Wikipedia co-founder Jimmy Wales took to the stage of the BlockShow Europe  to declare that cryptocurrencies, and the blockchain sector in general, are “in a bubble”… Brave man.

Jimmy Wales, a founder of Wikipedia  has previously been outspoken on the subject of ICOs, describing them as an “absolute scam” in the past. With this in mind, his latest comments – which came as part of a presentation how cryptocurrency is represented in the press, as reported by CoinTelegraph – count as something of a calm assessment, we guess.

“Right now, we are in a bubble, the cryptoworld is absolutely, definitely in a bubble. I don’t think there’s many people who would deny that,” he said.

His speech went on to show scepticism about the broader world of blockchain, and how much effect it will have in real-world applications compared to the current hype surrounding it as the technology of the day.

Wales wasn’t being drawn into predictions, by the sounds of it however.

“I’m not here to tell you that it’ll pop tomorrow; things might get even more intense first,” Wales meanwhile continued. The thing about bubbles is that you never know when they’re going to end… it might pop tomorrow, but more importantly, it will pop.”

Cryptocurrency prices have been largely on the decline in 2018, as we have regularly reported. Today crypto values have largely rallied in price after approaching their lowest price points since April. BTC, for example looked like it was preparing to dip below the $7,000 mark as it continued its decline, until a spike in trading around midday UK time lifted its back up by price by close to $300.

It’s certainly a bearish market out there at the moment, but nothing outside the usual volatility that comes with territory. Mr. Wales, however, obviously feels the prices have much, much further to fall.