Vitalik Buterin Clarifies ‘1000x’ Market Growth Comment, Mocks Backlash and Justin Sun

Vitalik Buterin Clarifies ‘1000x’ Market Growth Comment, Mocks Backlash and Justin Sun

Vitalik Buterin’s comments that the days of seeing 1000x growth in the crypto space were met with a significant amount of community backlash, no doubt much of it from those who invested heavily at the wrong time and are eager to see the market take off once again.

Throughout article comment sections and Twitter threads, the Ethereum founder’s lack of understanding of price movement and economics were harshly criticized.

People in the CCN article comment section even resorted to stating that Buterin looked unwell and speculated that he was ill and wearing medical equipment in recent photos.

Of course, what Buterin was saying was accurate, and after the backlash he stepped up to defend his comments on Twitter, stating:

“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.”

“What I *actually* said is that, because large portions of the population have already heard of crypto, further growth of crypto in any sense must come from *depth* (ie. actual usage), and not bringing in more attention.”

Buterin went on to mock the widespread negative responses to his statements that 70% of the world’s global wealth would not suddenly convert into crypto, taking a pot shot at TRON CEO Justin Sun for good measure.

Buterin was, of course, referring to Sun’s tendency to hype up crypto beyond what many consider to be reasonable expectations. While Sun was composing a response Binance CEO Changpeng Zhao got involved both to support Buterin and to take the opportunity to have a laugh at Sun’s antics as well.

Sun then lived up to and even exceeded his reputation by stating that not only 70% but 100% of the world’s entire wealth would indeed be converted into cryptocurrencies, the market cap of which will reach $10 trillion before the world’s most valuable companies, saying “time will tell.”

Of course, Sun’s $10 trillion prediction is still quite a long way off from the $200 trillion required to boost the crypto market cap another 1000x. It seems logical that Buterin is right in what he’s saying, but while cooler heads happily stated that there was still room for 2x, 3x, or perhaps even 100x growth which is still astronomical, that simply wasn’t good enough for many of the crypto enthusiasts offended at the idea that they’ve missed their moonshot.

Featured image from Flickr/TechCrunch.

• Join CCN's crypto community for $9.99 per month, click here.
• Want exclusive analysis and crypto insights from Hacked.com? Click here.
• Open Positions at CCN: Full Time and Part Time Journalists Wanted.
12.09.2018 / 12:15 105
Joseph Lubin Disagrees with Vitalik Buterin: “There’s Just So Much Growth Ahead” for Crypto Joseph Lubin Disagrees with Vitalik
The world of crypto and blockchain technologies has not yet touched a ceiling, much less died. So thinks Joseph Lubin, Co-founder of Ethereum &
‘There’s No Room for 1000x Price Increases,’ Reaffirms Vitalik Buterin ‘There’s No Room for 1000x Price
Ethereum co-founder Vitalik Buterin hit back at reports he said claimed he was a pessimist September 11, accusing media outlets of misrepresenting
Justin Sun Responds to Vitalik’s ‘Jab’ on Twitter, Asks Tron (TRX) Community for DApp Ideas Justin Sun Responds to Vitalik’s ‘Jab’
Earlier on today, and via Twitter, Ethereum’s Vitalik Buterin clarified his comments to Bloomberg that have been misconstrued by the media as well as
Ethereum’s Vitalik Clarifies His Comments to Bloomberg, Throws ‘Jab’ at Justin Sun Ethereum’s Vitalik Clarifies His
Ethereum’s Co-founder, Vitalik Buterin, has been branded by mainstream media as being a pessimist after he spoke to Bloomberg and declared that the
Tron’s (TRX) Justin Sun Still Bullish On The Future Of Crypto Tron’s (TRX) Justin Sun Still Bullish
The founder of Tron (TRX) Justin Sun has reiterated his belief on the future of cryptocurrency, saying the space will grow to a 10 Trillion USD
Vitalik Buterin: “Every Present-Day” Blockchain sucks (even BTC and ETH). PoS is Necesary Vitalik Buterin: “Every Present-Day”
Vitalik Buterin, the creator of Ethereum and one of the most influential people in the crypto-sphere, published yesterday a series of tweets in which
Comments (0)
Add a comment
Comment on