Joe Lubin Believes Crypto Market Will Continue To Develop Due To Decentralization

Ethereum co-founder Joe Lubin stressed the importance of decentralization (Doc; Photo. The Daily Texan)

JAKARTA - The crypto market is experiencing a strong bullish phase, driven by growing adoption and innovation. Joe Lubin, co-founder of Ethereum and CEO of Consensys, shared his optimistic views on the future of the crypto industry. Lubin stressed that decentralization is key to creating a new system in the world.

Lubin spoke at the ETH Denver event, one of the largest Ethereum conferences, on February 29, 2024. In a discussion moderated by Axios reporter Crystal Kim, Lubin discussed various topics, including the current super cycle', potential benefits from Bitcoin and Ethereum ETFs for retail investors and the developer community, as well as the growing need for decentralization in various industries.

Lubin insists that we are at the end of the fourth generation cycle, where the world's monetary and financial systems reach their limits and fail to meet the needs of a new generation. He believes crypto assets are able to offer a shift in centralization towards increasingly trusted decentralization. He considered this an unprecedented concept on the planet.

"Crypto is born in a limited and controlled era of money, but offers a shift in paradigms towards decentralized trust, where anyone can participate and verify transactions without intermediaries," said Lubin, quoted by Crypto News.

Lubin also welcomes the launch of the Bitcoin spot ETF, which is considered an important milestone for the crypto industry, despite concerns about the potential for centralization of Bitcoin through this instrument. Lubin suggested that Bitcoin holders who are enthusiastic are more likely to stake their Bitcoins in the protocol to participate in governance and get rewards, keep assets decentralized. For information only, Bitcoin staking can be done through the emergence of a new protocol, namely Babylon Protocol.

Lubin also expressed optimism regarding the Ethereum spot ETF, which can increase liquidity and accessibility of these assets for retail and institutional investors. Lubin assessed that gates are open now, and there is a huge amount of value flowing into the crypto ecosystem.

"The good thing is that regulators and politicians will find it difficult to damage someone's portfolio, and we will see more and more funds enter our ecosystem," he said.

It doesn't stop there, Lubin also emphasizes the need for decentralized AI development to ensure the use of this technology responsibly and ethically. Lubin outlined ongoing efforts in the crypto space to create decentralized versions of various AI functions, such as storage, computing, and sharing data.

He also believes that the momentum of the rise of crypto is unstoppable, despite the challenges of regulators and policy makers. Lubin criticized the SEC's actions under Biden administration. He considered the actions of US regulators against the crypto industry to be quite confusing and manipulative. On the other hand, Lubin also praised policy makers in protecting the laws and constitution of the United States.

Lubin appreciated the contribution of US SEC Commissioner Hester Peirce, who has repeated his criticism of his agent's approach to crypto in his latest appearance at ETH Denver. Peirce expressed frustration because the SEC was more inclined to crack down on the crypto industry on behalf of law enforcement'. The Ethereum co-founder assessed that the approval process for the Bitcoin Spot ETF was quite slow.