Blockshow Europe is beginning in Europe and the attendee list is more exciting than ever. The second day was hit off with the talk by Wikipedia co-founder Jimmy Wales. Wales commented that the Bitcoin and Blockchain are in a bubble.
The Wikipedia founder was peaking on the topic of the objective future of crypto assets and their representation in the press. The juxtaposition seem unique and weird but the premise itself justify the assumption.
The assumption being that there is a gap between the real performance and the exuberant coverings by the media. The industry is still in its nascent phase and the comment of entrepreneurs like Wales must be heeded.
Wales further commented that he thinks that this is a sphere where the need of serious journalists is imminent. This comment can be qualified by the staggering number of the click bait opinions masquerading as serious pieces.
He claimed that the bubbles are unexpected in their time scale but the one certain thing about them is they will pop. It might happen tomorrow or later but will happen, he said. He predicted that it might get even more intense first before blowing up.
Wales hammered the point on the bubble phenomenon and said that not many people exist who would deny that this is a bubble. He also expressed his skepticism about the broader mushrooming of the blockchain projects.
The sheer number itself makes them unbelievable. The Chinese ministry of Telecom also released a report which claimed that the average life of a blockchain project is not more than 15 months.
All this while the prices of Bitcoin is sliding like anything. There are reports that it can slide below 7000 USD which can have long bearish responses from the enthusiasts.
The debate around Bitcoin vs. Blockchain is as old as their inception but the verdict delivered here is not favorable for both in the near future.