Bitcoin may be a bubble, but it's not worrisome Da Hong Fei, founder of NEO , the 12th largest cryptocurrency with a market capitalization of $ 160.852 million.
"There's a bubble in this industry, I'll say it's okay," Hong Fei told CNBC. "Every technology that is so disruptive, there will definitely be bubbles." He said that there were bubbles for trains and cars at the same time.
He said that blockchain technology is in the last phase of a bubble, but even if the bubble bursts, the cryptocurrency will recover and even become larger. The rise in Bitcoin prices has been good for NEO, Hong Fei said. NEO rose 13.28% to $ 41.15 in the last 24-hour period, according to coinmarketcap.com. Hong Fei said the blockchain is about transparency and that growth will be global.
"We are moving out of China to the global market," he said.
Surviving the ICO Ban of China
NEO, sometimes called the China Ethereum, was advancing to a level close to its pre-announcement level, well above $ 30, following China's recent ban by the OIC. The coin has since been volatile, but has maintained its gains since the ban on OIC.
NEO reached $ 49.33 in August, giving it a market capitalization of more than $ 2.4 billion and making it the sixth cryptocurrency at the time.
The goal of NEO to facilitate "smart economy" requires to become the first and the best platform of smart contracts, said Hong Fei.
"The main difference (with Ethereum) is that we want to be ready for compliance," he said.
See also: NEO leads the crypto market with a 30% price increase
In September, Hong Fei speculated that there would be future collaboration between the NEOs and the Chinese government.
The rise of NEO was seen as a reflection of the importance of China for the cryptocurrency market.
Cryptocurrency has advantages over Ethereum like advanced languages and the NEO contract, which supports several programming languages. In other words, the barriers to NEO's entry are much smaller for new developers while supporting the basic elements of decentralized transaction and identification.
According to some analysts, the biggest advantage of cryptocurrency lies in its application to the real world. By integrating digital assets and smart contracts, NEOs can potentially integrate into the real economy.
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