Joseph Lubin, ethereum co-founder and CEO of blockchain firm ConsenSys, has said the cryptocurrency market is “totally a bubble,” according to a report.

However, in comments made to Bloomberg, Lubin clarified that the market is a “good kind of bubble” that comes when a “profound technology” appears and cannot build out fast enough for people to see its “value and vision.”

As reported, he said:

“This technology is so powerful and profound that it is going to change the way IT systems around the world are being built.”

On the recent surge in bitcoin prices, which leapt to an all-time high of $7,601 at the weekend, he added that a correction would help “strengthen” the industry going forward.

Moving on to discuss China’s recent restrictions of cryptocurrency trading, Lubin, said that he sees the move as a “pause” and not a ban. Instead, the regulatory move, he said, is positive news marking China’s recognition of the importance of the industry.

Bubble image via Shutterstock