Joseph Lubin, Ethereum’s co-founder and the founder of ConsenSys, wrote a tweet in which he says that the ‘sky is not falling.’ He was making reference to the bear market in which we currently are and the last drop that dragged virtual currencies to new lows in more than a year.
‘The Sky Is Not Falling’
A few days ago, everyone was talking about ConsenSys firing between 50% to 60% of its employees. Clearly, the bear market in the space has affected everyone, even the largest and most established companies in the space.
In a series of tweets released by Joseph Lubin, he says that the future of virtual currencies looks very bright to him.
On Twitter he wrote:
“The sky is not falling. From my perspective, the future looks very bright. I remain excited about scalability solutions that are available now… or are becoming available for use in early 2019.”
ConsenSys is a company that works on top of Ethereum and helps companies build infrastructure on this platform. The firm has more than 1,100 employees that are located all over the world. During 2018 it was able to expand and hire new employees.
Before The Verge reported that the company was planning to fire some employees, ConsenSys informed that they were launching ConsnSys 2.0. The report published by Breaker, explains that the plan is to become more competitive and focused on revenue.
Although Lubin received lots of critics and negative comments about their decision, he remains positive for the future of the space. Indeed, he has also mentioned that the market has reached a bottom in 2018. As it was expected, Vitalik Buterin, co-founder of Ethereum, has given his support to Lubin.
According to sources familiar with the matter, Lubin planned a future in which Ethereum would be $10,000. However, this did not happen. During the last few weeks, Ethereum has been affected by a massive drop, something similar that happened to other virtual currencies as well.
Ethereum (ETH) is the third largest virtual currency in the market. It has a market capitalization of $13.55 billion and each coin can be purchased for $130. Earlier this year, in January, Ethereum was traded close to $1,400. There are some experts that believe that in the future virtual currencies will keep growing.