Cryptocurrencies Are 90 Percent Speculative: Ethereum Cofounder
Cryptocurrencies are “90 percent speculative” according to Ethereum cofounder Joseph Lubin.
Ethereum cofounder Joseph Lubin has said he considers the value of any given cryptocoin to be “90 percent speculative.”
As part of an NBC article about how ‘Middle America’ is profiting from Bitcoin, Lubin made the comments in the context of Bitcoin Cash generating $11 mln more value for holders.
"I would say 90 percent of the value of any "coin" is speculative,” he said. "It's the notion that the technology it represents is promising."
Ethereum (ETH) is currently circling around $330 per coin, having rebounded 100 percent from last month to continue growth which for mainstream commentators almost defies belief.
At the same time last year, ETH was worth around $11.
NBC’s selected Bitcoin holders meanwhile exemplify the potential new breed of future millionaires, likening holding cryptocurrency now to “being in Apple at 10 cents.”
The publication also notes the steep rise in public awareness of Bitcoin this year, with Google search trends now showing it to be more popular than Beyonce.
Bitcoin first made the top five Google searches in May this year, with Ethereum also appearing at number 18.
Earlier this month, it was revealed that South Africa ‘Googles’ Bitcoin more than any other country.