ETHEREUM COFOUNDER: Ethereum is 'a ticking time bomb'

pulse

July 18, 2017 8:21 PM

Charles Hoskinson, cofounder of Ethereum, told Bloomberg that initial coin offerings will spell trouble for the cryptocurrency.

Ethereum, the red-hot rival to bitcoin, has been on a tear since the beginning of last year, but one of its founders thinks the cryptocurrency is in a bubble ready to pop, according to reporting by Bloomberg's Camila Russo.

Ethereum is up 1,700% over the last year, and that spike has occurred in tandem with the growth of the hottest new trend in fundraising: initial coin offerings.

Approximately $500 million has been raised by the new cryptocurrency-based capital raising method, according to Business Insider's Oscar Williams-Grut. It is a trend that has sparked excitement across Wall Street.

But the cofounder of the company behind the cryptocurrency, Charles Hoskinson, told Bloomberg that initial coin offerings will spell trouble for the Ethereum's future.

Read the full story on Bloomberg.

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