Lubin maintains upbeat outlook on Ethereum
Ethereum co-founder Joseph Lubin has adopted an upbeat tone in the face of the recent price volatility experienced by investors in the ether coin.
Ether was trading up by over 7% on Wednesday following a difficult Tuesday, when it was down by 20%.
Alluding to the strong overall price performance since its ICO in 2014, Lubin told Bloomberg in an interview that ether had experienced six “astonishing” price bubbles in its history.
“I absolutely expect that there is a strong correlation between the rise in price and the growth of fundamental infrastructure in the ecosystem and the growth of development in the ecosystem. We are probably two orders of magnitude bigger as a developer community than we were eight or 10 months ago,” said Lubin.
Lubin attributed recent volatility to “speculative” investor actions rather than underlying fundamentals.
The Ethereum co-founder exuded an overall positive outlook on ether’s longer-term prospects, affirming that Ethereum’s growth plans and forecasts were “still on track.”
Ether traded at just under $284 on Wednesday, still a significant leap from its 2014 crowd-sale price of $0.311.
The crypto, however, is well down from its January peak of $1,410.