After making a push for crypto adoption, Ethereum creator Vitalik Buterin is revealing his thoughts on the current state of the crypto market.
Buterin responded to a new tweet showing the drop in Coinbase’s web traffic, which corresponds to the crypto bear market of 2018.
is the data from @SimilarWeb accurate?
— Tim Swanson (@ofnumbers) July 31, 2018
Is anyone surprised? We're at the tail end of a crypto bubble.
— vitalik.eth (@VitalikButerin) July 31, 2018
This isn’t the first time Buterin has commented on the volatile ups and downs of the market. Last month, he said “There’s no ‘cure’ for bubbles except to let them run their course and pop, unfortunately.”
Coinbase CEO Brian Armstrong offered his own perspective on the market a month ago, saying downturns are a great time to refocus and work on the ultimate task, which is the mainstream adoption of cryptocurrency.
“The crypto industry is like no other I’ve seen – lots of up and down cycles (reaching a new plateau each time). There have been 3 or 4 of these now. It can be scary the first time you see it, but to us who have been in the industry for many years, it feels like old news.
When there is hype, people are irrationally exuberant. When there is despair, people are irrationally pessimistic. Neither is true. Reality is always somewhere in the middle, more correlated with real usage (transactions per day) than the price.
After many years of this, I’ve come to enjoy the down cycles in crypto prices more. It gets rid of the people who are in it for the wrong reasons, and it gives us an opportunity to keep making progress while everyone else gets distracted.
We use the down cycles to build a strong foundation so we can thrive in the next growth cycle.”