Thursday, September 16

Ethereum Founder Vitalik Buterin: Ethereum Can Overtake Bitcoin

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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.

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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”.

“So far we’ve seen at least three of these big crypto bubbles. And most of the time, the reason the bubbles stop is because some events occur that make it clear that the technology isn’t there yet. ”

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:

“Crypto feels like it’s mainstream ready in a way that it wasn’t even four years ago. Crypto is no longer a toy. “

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.

“Elon Musk’s tweets are something the cryptocurrency space has literally known for the first time last year and this year. I think it makes sense to expect a little crazy. But I think markets will learn. Elon won’t have that effect forever. “

Regarding the ongoing Dogecoin stream, Buterin said, “I don’t think Elon is malicious in any of this.”

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