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Crypto Crash Doesn’t Surprise Ethereum Co-creator in Anyway, Vitalik Buterin Believes Crypto Is in Bubble

UTC by staff writer · 3 min read
Crypto Crash Doesn’t Surprise Ethereum Co-creator in Anyway, Vitalik Buterin Believes Crypto Is in Bubble
Photo: TechCrunch / Flickr

Buterin is positive and encouraged by the huge strides made by technology and apps in the recent past, with Ethereum technology being a part of the progress.

The past crypto dip has undoubtedly left the entire cryptocurrency community, investors and pundits, scratching their heads for answers. However, for one Vitalik Buterin, the 27- year old co-creator of Ethereum, this crypto phenomenon hasn’t caught him by surprise. This is despite the fact that the crypto crash has wiped away a significant amount of his investment in form of cryptocurrencies.

In an exclusive interview, he noted that cryptocurrencies are in a bubble and that it wouldn’t be hard to predict when the bubble will pop. He was quoted saying that “the crash could have already ended. It may end a couple of months from now”. He was further quoted saying that “Elon Musk won’t have the influence forever”

Vitalik Buterin on Ethereum Performance and Crypto Market

As of Wednesday morning, Ether, the network’s native crypto and one which Buterin co-invented, was trading below $1900. This was a staggering 40% crash in 24 hours. However, Ether regained and began trading at around $2700 one day later, Thursday. By all means, that was a sharp drop in price compared to the record high seen on May 11 when the digital coin was trading at $4,384.

The nosedive is believed to have displaced Buterin, a programmer by profession, from his new status, self-made crypto billionaire. By Thursday morning, his public-watched wallet had sharply dropped from $1.1 billion to $870 million.

Even at the young age of 27, Buterin has the experience of a veteran. He noted that the crypto market has experienced three big crypto crashes so far. The Ethereum co-creator and Bitcoin magazine cofounder further stated that the reason for such crashes result from the occurrence of phenomenal happenings in the market indicating that the technology has a long way to go.

Ethereum Roadmap and Future

In 2013, Buterin shared his vision with the world in a whitepaper, and two years later the second largest and popular crypto, Ethereum, was launched. However, Ethereum has more uses compared to Bitcoin which is primarily seen and referenced to “digital gold”. Besides the financial value attached to Ether, it can also be used for app development. Simply put, Ether is the operating system of the crypto world.

Buterin, via a tweet, questioned whether the crypto space had matured and wondered whether cryptos had earned the market valuation which was over $0.5 trillion at the time. His tweet resulted in a general market dip. In the new crypto era, Buterin is positive and encouraged by the huge strides made by technology and apps in the recent past, with Ethereum technology being a part of the progress.

Altcoin News, Blockchain News, Cryptocurrency news, Ethereum News, News
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