Crypto appears to be experiencing a bullish trend, although not necessarily by technical definition. The sentiment among attendees at ETHDenver is overwhelmingly positive, indicating that a shift in the market is underway.
Even Joe Lubin, the co-founder of Ethereum and CEO of Consensys, shares this optimism. Lubin believes that the best days for crypto are still ahead.
During a fireside chat titled “What will drive the next super cycle” moderated by Axios reporter Crystal Kim, Lubin touched on various topics. He discussed the current “super cycle,” the potential impact of spot Bitcoin (BTC) and Ethereum (ETH) ETFs on retail investors and the developer community, as well as the increasing need for decentralization across different industries.
When asked about the catalyst for the next super cycle, Lubin explained that crypto emerged during a time of financial abundance. It was born out of a system that controlled and constrained money, where trust was centralized and intermediaries held power. However, Lubin emphasized the need for a paradigm shift towards decentralization, where ownership and privileges are not controlled by a select few.
Regarding the approval of spot Bitcoin ETFs, Lubin acknowledged that the crypto community had been eagerly awaiting this development for more than seven years. While the launch of these ETFs could validate Bitcoin’s status as a legitimate investment, concerns remain about institutional investors altering the original vision of Satoshi Nakamoto, the creator of Bitcoin. Despite these concerns, Lubin believes that in the short term, the approval of spot Bitcoin ETFs is a positive development.
When asked about the potential for an ETH ETF, Lubin acknowledged the complexity of the issue but maintained a positive outlook. He stated that, for now, the existence of such ETFs would be beneficial.
The discussion then turned to the possibility of crypto thriving in the United States. Historically, regulators and politicians in the U.S. have taken a cautious approach to the crypto industry, hindering its growth. However, Lubin suggested that the decision to foster or hinder the growth of the industry may no longer solely rest in the hands of policymakers.
In conclusion, Lubin expressed his optimism for the future of crypto. He believes that the industry is on the verge of a significant shift, driven by decentralization and a reimagining of financial systems.