Solana CEO Urges Against Comparing Crypto Market to a Bubble

Solana founder Anatoly Yakovenko said on the Decrypt Daily podcast that the crypto market is not in a bubble. He attributes the rise of digital assets to industry development.

“This is a completely different time. It is not worth comparing the situation to a bubble. In 2017 the bubble inflated and burst, but for three years people were building the industry,” Yakovenko said.

He added that the era of talks and white papers is over. The Solana CEO believes that most projects have built workable solutions. Yakovenko is also not worried about the development of non-fungible tokens.

“CryptoPunks may come and go, but innovations remain, as do people — not only speculators but also developers and creators,” he stressed.

Yakovenko recalled the dot-com boom, but noted that the Internet continued to develop. He is confident that the crypto industry still has a lot ahead.

“We may be at the stage when email started working on the Internet,” the developer added.

In September the price of the Solana token reached the $150 level, updating an all-time high. At the time of writing, the project’s market cap stands at $42 billion, according to CoinGecko.

Earlier in August, billionaire John Paulson called cryptocurrencies a bubble. He is confident that digital assets will shortly lose value.

In June Bank of America surveyed fund managers — 81% of respondents called the Bitcoin market a bubble.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.