Crypto appears to be experiencing a bull market, although it may not fit the technical definition. The sentiment among attendees at ETHDenver is overwhelmingly positive. Even Joe Lubin, the co-founder of Ethereum and CEO of Consensys, shares this optimism and believes that the best is yet to come.
During a fireside chat titled “What will drive the next super cycle,” moderated by Axios reporter Crystal Kim, Lubin discussed various topics including the current state of the “super cycle,” the impact of spot BTC and ETH ETFs on retail investors and the developer community, and the growing importance of decentralization in different industries.
When asked about what would trigger the next super cycle, Lubin explained that crypto was born during a time of financial abundance. It emerged as an alternative to the centralized and controlled monetary systems that have dominated for centuries. Intermediaries, empowered by these systems, have been responsible for managing databases and ledgers that dictate ownership and privileges. However, Lubin believes that this paradigm is shifting towards decentralization.
Regarding spot Bitcoin and Ethereum ETFs, Lubin acknowledged that the community had been eagerly awaiting their approval for over seven years. While their launch could validate Bitcoin’s status as a sound investment, there are concerns that institutional investors might dilute the original vision of Satoshi Nakamoto. In the short term, though, Lubin sees the approval of these ETFs as a positive development.
The crypto industry has faced resistance from regulators and politicians in the U.S., hindering its growth. However, Lubin suggests that the decision to impede the industry’s progress may no longer be solely in the hands of policymakers.
In conclusion, Lubin remains optimistic about the future of crypto and believes that the industry is poised for further growth and adoption.