After a rough 2018 for the cryptocurrency market, one of the biggest individuals involved in one of the top cryptos believes the bottom has happened. Joseph Lubin, who is a co-founder for Ethereum (ETH), recently tweeted out that he is officially “calling the crypto bottom of 2018.”
According to Cointelegraph’s report, Lubin’s comments about the market bottom are due to his belief that the media and social commentators have helped create an “epic amount of fear, uncertainty, and doubt.” This is often referred to by the acronym FUD in the cryptocurrency world.
Lubin’s comments on Twitter also included him making reference to the health of his blockchain-focused software firm, ConsenSys. There had been recent reports claiming that between 50 and 60 percent of the 1,200 people employed by ConsenSys would be laid off. Lubin suggested that the firm “remains healthy and is engaging in a rebalancing of priorities and activities” that they “started about nine months ago.”
Lubin noted in the Twitter thread that ConsenSys has “been on the receiving end” for “an epic amount of conjecture and preemptive paranoia.” The ETH co-founder pointed out a lot of that comes from journalists or bloggers with no insight, data, or understanding of the situations they’re reporting about. He also mentioned that ConsenSys is continuing to “invest in external projects.”
This past September, the other co-founder for Ethereum Vitalik Buterin made comments telling people there was no possibility of “1,000-times growth” in the market again. However, Lubin’s recent Twitter comments included “From my perspective the future looks very bright.” He didn’t mention any future price predictions or growth figures.
As of this report, Ethereum was trading at just over $130, an increase of nearly 13 percent over the past 24 hours. However, the past year hasn’t been kind to crypto including ETH. It was down 81.45 percent or $558.67 over the past year, per the Coinbase exchange chart.
