Speaking in an interview with CNN Business, Ethereum co-founder Vitalik Buterin shared his views on the market collapse and the current state of the cryptocurrency industry.
According to the news in Crypto Potato, Buterin told CNN that he was not worried about the market collapse, stating that it had happened several times before. He compared the current situation to a balloon that states that knowing when it will explode is “hard to predict as everyone knows”. “It may be over already,” he added, before continuing with the proposition that “it could end months from now”.
Buterin’s Ethereum address currently has 325,000 ETH worth an estimated $ 895 million at current prices. This is 35% lower than its $ 1.4 billion peak on May 12.
Not a Crypto Toy
Comparing the current scene with the last “bubble” four years ago, Buterin said:
Buterin added that, though not sure, there is a “possibility” that Ethereum eventually caught Bitcoin and surpassed it in terms of market cap. Ethereum’s market cap is $ 318 billion, or 42.5% of Bitcoin’s market cap.
With regard to the “Elon effect”, the Ethereum brain noted that this is something new on the scene and its impact will eventually diminish.
Regarding the ongoing Dogecoin stream, Buterin said, “I don’t think Elon is malicious in any of this.”