We don’t get to see too many cryptocurrency founders who claim that other coins are a bubble. However, that happened with the founder of NEO, the 12th largest cryptocurrency with a market cap of $160.852 million.
According to Da Hong Fei, “there is a bubble in the industry, and I will say it’s okay,”. In an interview with CNBC, Hong Fei said “Every technology that is so disruptive creates a chance for potential bubbles”. He also pointed out that there were bubbles for trains and bubbles for automobiles at one time.
With this, he referred to blockchain technology being in the later stage of a bubble. However, as he said, “even if the bubble bursts, the cryptocurrency will recover and eventually become bigger”. According to Hong Fei, “Bitcoin’s price surge has been good for NEO, making it rise 13.28% to $41,15 in the last 24 hours” according to coinmarketcap.com.
Hong Fei said that blockchain is all about transparency and that its growth is going to be global. NEO is often called ‘China’s Ethereum’ and has been a cryptocurrency with a solid market cap. Even though it’s price dropped to $30 following China’s ICO ban, the new surge showed that even in such times, cryptocurrencies can rise.
The all time high for NEO was the month of August this year, where it had a market capitalization of more than $2.4 billion which made it the sixth largest cryptocurrency at the time. Ever since the beginning, this altcoin has been facilitating the “smart economy” becoming the “first and best smart contract platform”, according to Hong Fei, its founder.
What do you expect from NEO this year? Is it going to surge more – or maybe decrease its price following China’s ICO ban?
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