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Ethereum Co-founder Joe Lubin Bullish on Crypto: “Momentum Unstoppable”

The prevailing sentiment among the majority of participants at ETH Denver, one of the premier Ethereum conferences, is bullishness permeating the cryptocurrency market.

Even Joe Lubin, the co-founder of Ethereum and CEO of ConsenSys, echoes this positive perspective, emphasizing that the greatest developments are yet to unfold.

During a discussion moderated by Axios reporter Crystal Kim on February 29th, Lubin delved into various subjects, including the current “super cycle,” the potential advantages of BTC and ETH ETFs for individual investors and the developer community, and the increasing demand for decentralization across various sectors.

“When contemplating the catalyst for the upcoming super cycle,” he remarked, “we find ourselves amidst a transformative period, poised for the emergence of a new global paradigm.”

“Alternatively, we can view it as a monetary super cycle, wherein the world’s monetary systems near the end of their lifecycle, primarily due to interest-related issues and an overwhelming burden of debt within the system, stemming from previous generations’ mismanagement of monetary and financial structures.”

Crypto Offers a Shift Toward Decentralization

Lubin underscored the dichotomy between the prevailing centralized, hierarchical trust model and the decentralized trust ushered in by cryptocurrencies.

He stressed that crypto emerged during an era dominated by tightly controlled monetary systems but represents a revolutionary shift towards decentralized trust, a concept previously unheard of.

The recent approval of spot Bitcoin ETFs, following over seven years of anticipation, has been hailed as a significant milestone by crypto enthusiasts and investors.

Yet, there are lingering concerns about institutional investors potentially diluting the original vision set forth by Bitcoin’s creator, Satoshi Nakamoto.

When queried about the ramifications of spot Bitcoin ETFs and the possibility of an ETH ETF, Lubin conveyed optimism, remarking that “the floodgates are now open,” with a substantial influx of value flowing into the crypto ecosystem.

He added, “The positive aspect of this development is that it becomes increasingly challenging for regulators and policymakers to disrupt individuals’ investment portfolios. Consequently, we anticipate a surge in funding directed towards our ecosystem.”

Crypto Momentum is “Unstoppable”: Joe Lubin

The United States has long maintained a stringent stance against the crypto industry, impeding its progress for years. However, Lubin contends that the authority to obstruct the industry’s advancement may no longer exclusively lie with policymakers.

“I believe momentum is gaining traction, and it’s becoming unstoppable,” he asserted. “Under the Biden administration, the SEC’s actions have left many puzzled. Some of their decisions exhibit gaslighting and unreasonableness, yet the judicial system has been commendable in upholding the laws and principles of the United States.”

More recently, US SEC Commissioner Hester Peirce echoed criticisms of her agency’s handling of cryptocurrencies during a recent appearance at ETH Denver. Peirce voiced frustration over the SEC’s tendency to employ enforcement as a regulatory tool and criticized the sluggish approval process for spot Bitcoin ETFs.

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What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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