Bitcoin, Cryptocurrency And Blockchain News

Wikipedia’s Jimmy Wales: Cryptoworld Is Absolutely, Definitely in a Bubble


The second day of the ongoing BlockShow Europe 2018 conference commenced with a keynote speech by Wikipedia co-founder Jimmy Wales today. Cointelegraph reports that Wales believes cryptographic money and blockchain are in a bubble.

Talking about the fate of crypto resources versus their portrayal in the press, the veteran web business person conveyed his beliefs about the still young industry.

“I think this is where we’re in genuine need of genuine reporting,” he started. “…Right now, we are in a bubble, the cryptoworld is absolutely, definitely in a bubble. I don’t think there’s many people who would deny that.” Wales said.

Volatile Crypto Market

Wales’ remarks come amid concerns about the tumbling Bitcoin prices, which hit a low of $7050 on May 28th but have so far remained above the $7000 mark. This volatility is also being witnessed in other cryptos, which are highly affected by Bitcoin prices.

Wales is not the only one voicing his scepticism about blockchain ventures. Speaking at a Polish conference earlier this month, Andreas Antonopoulos and Bitcoin developers Jimmy Song and Johnathan Corgan, were similarly negative. Also, at the start of this week, the Chinese government determined the average lifespan of a blockchain project was just 15 months.   

Wales warned participants to be wary of crypto and blockchain projects, as this “bubble” could burst at any time. He explained:

I’m not here to tell you that it’ll pop tomorrow; things might get even more intense first. The thing about bubbles is that you never know when they’re going to end… it might pop tomorrow, but more importantly, it will pop.

Negative Attitudes All Round?

The views by Wales contradict those of another Internet-based entrepreneur, Jack Ma, who earlier this month threw his support behind blockchain technology. Speaking during the 2nd World Intelligence conference held in Tianjin, China, Jack Ma said that he strongly believes that blockchain technology is not a bubble. He did however warn that it’s just a matter of time before the Bitcoin bubble bursts. Ma has argued in many forums that blockchain can be used by governments, enterprises and regular people to offer various services, and the creation of true value.

However, Wales joins a club of many heavyweights who have negative views towards Bitcoin and have predicted that its downfall is coming soon. People like Warren Buffett, Jack Ma, Bill Gates, Charlie Munger and others have all said that the Bitcoin bubble is about to burst in the near future.

While the majority of the global billionaire club have reservations with regards to Bitcoin, most of them – like Bill Gates and Jack Ma have said there is huge potential in the technology behind the coin.   

Image Credit: Wikimedia

Do you believe in Wales’ assertions? Please share with us in the comments section.