While major cryptocurrencies are showing signs of high stability in low price ranges, a bear market like situation, Joseph Young took the twitter to reaffirm what Joseph Lubin had said in August that every bear market or bubble-like situation has led to extensive development of industry and he believes that’s what we are seeing now.
Development and adoption of cryptocurrencies matter more than prices right now
Joseph Young comes as a confidence booster as he reminds people that bear markets are just a phase that will pass on but what actually matters for the industry is the development activity and adoption of cryptocurrency as the industry needs to grow and stabilize. His tweet mentions that crypto volume is very low, but in terms of developer activity and market development, the industry is in a good place.
According to Young, a snippet of Joseph Lubin’s interview to Bloomberg makes so much sense in terms of explaining the scenario right now. He posted the following snippet said by Lubin
“We’ve seen six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening but when you look back they look like pimples on a chart.” “What we have noticed is that with each of these bubbles we have a tremendous surge in activity and that’s what we’re seeing now… I think we’re now back to November, December prices, which we thought were incredibly high. And since then we’ve probably seen two orders of magnitude increase in development activity, increase in scalability technology. So, it’s actually going quite well.”
Just like Young for Lubin what mattered was mass adoption of cryptocurrency at this stage.
“Massive adoption everywhere. So, the banking industry, the supply chain is huge. There’s one prong, which is sort of corporate and another prong which is building up the decentralized world wide web. Both are growing tremendously. The start-up ecosystem is exploding.”
Another point that Lubin hand mentioned in that interview was that only the fittest will survive and rest will fade out.
“It’s not all that will survive. I think the future of the decentralized world wide web is hundreds or thousands of decentralized protocols. Some of them will be like Ethereum, and Ethereum is orders of magnitude bigger than anything else, and it’s growing faster than everything else. So it will be significant going forward…”
While Young reminds of Lubin’s statement, he is trying to infuse confidence into the markets which seem to be low as for the bear phase of the market looms
Will Joseph Young’s tweet trigger confidence into the markets and will we see an upward move in the prices? Do let us know your views on the same.