VirtualCoin market will collapse and then strengthen, Ethereum co-founder says
The crypto market will grow stronger only when all alternative coins having “no substance” and now competing with Bitcoin, will fail. This is the opinion of Charles Hoskinson, the co-founder of one of the most successful virtual coins, Ethereum.
Charles Hoskinson (pic: iohk.io)
In a recent interview with CNBC, Hoskinson said that, from his point of view, a “consolidation” of the cryptocurrency would be triggered by a “crash” of the altcoin market segment.
Charles Hoskinson now runs blockchain research firm IOHK, but was previously in charge of Ethereum, which develops the underlying technology for the cryptocurrency ether (also known as ethereum).
“What’s going to occur is a lot of these ventures that don’t have strong fundamentals, don’t have good tech, or just unrealistic projects, they will eventually run into some major wall they can’t quite overcome. They will fracture up and you will see a lot of them are certain to fail,” Ethereum co-founder explained.
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After hitting an unprecedented $20,000 threshold last December, Bitcoin started to decline slowly, negatively influencing other virtual currencies such as ether (Ethereum) and Litecoin, because of investors’ fears that regulators will tighten the market control.
Regulatory authorities in China, South Korea and India strengthen the oversight of bitcoin and mining transactions, while the US Stock Exchange and Securities Commission began controlling its tradings as of the end of last year.
Video: CryptoMarket to crash and then consolidate, Ethereum creator says