Vitalik Buterin has been bullied by the media over a statement that he made in the recent past. The intention and the context was ignored while the sentence was put into perspective of pessimism and Vitalik was attacked, for which he reacted recently on his twitter.
A few days back, Vitalik Buterin spoke in an interview about the future of cryptocurrency. One of the statements was misinterpreted by most of the crypto media. The statement said,
There isn’t an opportunity for getting a 1000x growth in anything in this space anymore.
Not only did the media misinterpret the statement made by the Ethereum co-founder, but the perspective of news publications which projected the image of Buterin as one who’s pessimist in context of cryptocurrencies waged a war against him on twitter. People like David Gokshtein, an entrepreneur, crypto enthusiast and influencer fell for the media projections, he tweeted against Buterin saying,
I disagree with him 1,000 percent. This space hasn’t even touched the surface yet. #cryptocurrency #crypto #cryptotwitter https://t.co/YP2G1Ye0kn
— David Gokhshtein (@davidgokhshtein) September 9, 2018
Similarly, Buterin garnered a lot of hate and disagreement for the misinterpreted version of the statement that he made.
Analyzing the direction the media was going in, Vitalik finally decided to speak up against the media clarifying that what he said had nothing to do with pessimism and was just an opinion centered around the fact that the time when people didn’t know about crypto, a phase came when the knowledge of blockchain and crypto flowed giving the market cap a rise of 1000x, but since every smart person now a days knows about blockchain and crypto, it is hard to get that level of surges in the market capitalization. The statement put in this perspective makes a lot more sense than the previous version where he was straight up blamed to be a pessimist.
He explained it later in in his tweet saying,
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.
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
The statement makes a lot more sense as the $200T market capital for now, seems like crazy talk as the market capital is struggling to float over the $200 billion mark now-a-days. The only way that crypto can see that level of growths again (Might not be 1000x) is bringing blockchain to the mainstream by mass adoption and giving cryptocurrencies a mainstream utility purpose. Buterin made a comment in this regard,
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
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
The fact which is obvious right now is that Vitalik is seriously pissed at the media for misinterpreting his statement and he is taking on the ones who used his statement against him. He recently tweeted,
Me: obviously, let’s be realistic, the entire world wealth is not going to turn into cryptocurrencies…
Media: VITALIK IS A PESSIMIST!!!!!1!!1!
Guys, if you spin things this way you’re *incentivizing* people to act more like @justinsuntron
— Vitalik Non-giver of Ether (@VitalikButerin) September 12, 2018
Although he did clarify his intentions about the market capital, there was still a wave of analysts who disagreed with his statement saying that crypto might see days of 1000x growth. David Gokshtein said that we’ve not even scratched the surface yet, while others have their own opinions,
I still disagree with this. I will say “crypto will absolutely grow 1000x and more!” Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger. https://t.co/bvSttEeCmc
— CZ Binance (@cz_binance) September 12, 2018
With the twitter war that is going on, the only fact that is evident is that people are hopeful. They want the crypto market to reach the potential that they envision it to reach. The investors are keen for the day that their investments would bear fruit because at present time, the market capital is barely surviving.
