Wikipedia Founder Calls both Cryptocurrencies and Blockchain “Bubbles”
The past couple of weeks have been pretty exciting for the cryptocurrency/blockchain industry. The concrete jungle of Manhattan hosted “Blockchain Week”, where blockchain enthusiasts from all over the world gathered to attend blockchain conferences in order to learn, network, and scout for business opportunities. NY’s Blockchain week was highlighted by events including Blockchain Tech Summit, and the world renowned conference by Consensus. Across the Atlantic, in Europe, Blockshow 2018 provided an exciting, massive blockchain conference as well. Nevertheless, Blockshow 2018 had a renowned and respected public figure speak, and speak no too positively about the future of cryptocurrency, and blockchain as well.
Jimmy Wales, co-founder of Wikipedia made some harsh statements as he spoke publicly at Blockshow 2018. Wales, who has been an open skeptic of the industry in the past by calling ICOs “Absolute scams”, declared that..
“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.”
He further explained how the hype that the industry is receiving in the media is not backed by real life successes and actual potential. “I’m not here to tell you that it’ll pop tomorrow; things might get even more intense first,” Wales said, “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.”
The prices of nearly all cryptocurrencies have been bearish as of late. Especially when compared to where the prices were in 2017s late boom. Nevertheless, most skeptics of cryptocurrencies due have an appreciation for what blockchain technologies can bring to the table. Blockchain can be implemented into various different fields and aid business and economies significantly. However Wales is a skeptic of Blockchain too, and he believes that it is a “Bubble” just like all cryptocurrencies. Wales is not the first, and certainly will not be the last doubter. The industry is still young and it will bring plenty of surprises. Where do you see cryptocurrencies and blockchain in the future? To what extent do you think they are related?