Crypto Is A Bubble But We Shouldn’t Play With It: Vitalik Buterin

Crypto Is A Bubble But We Shouldn’t Play With It: Vitalik Buterin

Crypto is a bubble, says Vitalik Buterin after speaking in a CNN Business interview, commenting his views on the market crash and the state of the crypto industry as of late as we read more in our latest Ethereum news today.

Buterin had a huge chunk of his personal wealth erased over the past week but he said he is not concerned about the market crash stating that we already had a few of those before. He likened the current situation to a bubble and stated that knowing when the bubble will pop is hard to predict because it could have already happened or could happen tomorrow. According to him, we already had three of the big crypto bubbles and often enough, the reason that the bubbles end up stopping is that some of the events happen and make it clear that the technology is not there yet.

Ethereum Network Revenue, eth, price, transaction, fees

Buterin’s Ethereum address now holds 325,000 ETH worth an estimated $895 million at the current prices which is a 35% drop from the peak value of $1.4 billion on May 12. Comparing the current situation with the one during the last bubble a few years ago, Buterin stated:

“It feels like crypto is close to ready for the mainstream in a way that it wasn’t even four years ago. Crypto isn’t just a toy anymore.”

The narrative was quite different for ETH this time around with major institutional players entering the market and pushing the prices up. Some industry observers are now blaming leveraged trading on derivatives exchanges for the latest market downturn. Buterin added that he is not sure but there is a possibility that Ethereum eventually caught up and could surpass BTC in market value with the current market capitalization for ETH was $318 billion which is 42.5% of the BTC market cap.

amber group, wu, bitcoin, btc, bubble

Regarding the “Elon Effect” Buterin stated that it is something new to the scene and that his influence will diminish soon:

“Elon Musk tweeting is something that the crypto space has only been introduced to for the first time literally last year and this year. I think it’s reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever.”

Regarding the DOGE shilling, Vitalik Buterin said that Elon Musk has no malevolent intent with the recent developments. Despite saying that crypto is a bubble, Ethereum recovered 9% and its price touched $3K and was not able to break resistance there, falling back below $2700 before the morning recovery session.

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Polkadot
  • Binance coin
  • Dogecoin
Scan to Donate Bitcoin to 194astnfvj2nr6izGJFwG9ebRqNU7ynQYY

Donate Bitcoin to this address

Scan the QR code or copy the address below into your wallet to send some Bitcoin

Scan to Donate Ethereum to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Ethereum to this address

Scan the QR code or copy the address below into your wallet to send some Ethereum

Scan to Donate Tether to 0xe5853a1d08b3ea0bb69276b0e40cdf858968d822

Donate Tether to this address

Scan the QR code or copy the address below into your wallet to send some Tether

Scan to Donate Cardano to DdzFFzCqrhsu1xWeeGai3gbgsbrFP26zPaVrCJqqF286carQJmAkTitRQSUCLhYLpKCotroRRNpKj7YcnAJQqpSfsHHdj8nUaitPvH4j

Donate Cardano to this address

Scan the QR code or copy the address below into your wallet to send some Cardano

Scan to Donate Polkadot to 155rGKVEanCxpi5EqGh8yh1AkGpm6bVUa7RQNydA38KzbhNu

Donate Polkadot to this address

Scan the QR code or copy the address below into your wallet to send some Polkadot

Scan to Donate Binance coin to bnb136ns6lfw4zs5hg4n85vdthaad7hq5m4gtkgf23

Donate Binance coin to this address

Scan the QR code or copy the address below into your wallet to send some Binance coin

Tag/Note:- 105346725
Scan to Donate Dogecoin to DKN9sscVgSBVyG7f9PYJq2D3BhWK5ffUmK

Donate Dogecoin to this address

Scan the QR code or copy the address below into your wallet to send some Dogecoin


Credit: Source Link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy
WP Twitter Auto Publish Powered By : XYZScripts.com