Vitalik Buterin spoke to CNN and made some very unsettling statements about cryptocurrency. The 27-year-old Ethereum co-founder commented on the current market situation, environmental concerns around Bitcoin, and the role of legislative regulation in the fate of cryptocurrencies. We brought out the main quotes for you.
https://twitter.com/CNN/status/1395350340761919490?s=20
About crypto being in a bubble that could burst at any moment:
"It could have ended already. It could end months from now.”
"We've had at least three of these big crypto bubbles so far”.
"And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn't there yet.”
About how it's not that bad:
"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."
About Elon's power not lasting forever:
"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."
"The fact that he is a 100-plus billionaire and he runs Tesla and SpaceX and all these things doesn't change the fact that ultimately he's a human -- and humans get excited about dog coins. That's just a thing that humans get excited about."
"I don't think that Elon has a kind of malevolent intent in any of this."
Buterin himself asked not to send him random coins as a marketing move, the technology of which he doesn't know and doesn't intend to use. More recently, Vitalik donated SHIB tokens to fight COVID-19 in India, at the time of the transaction the amount of meme tokens donated was about a billion dollars.
Buterin also commented on the legislative framework of the crypto space and suggested that with digital currencies entering the mainstream, governments can make life inside the market much harder than it needs to be. Even though Ethereum is a decentralized platform.
"It just seems much harder and much less realistic to do anything like that."
"At the same time, governments do have a lot of power to make it more painful to participate in the crypto sector."
On the environmental concerns:
"We go from consuming the same energy as a medium-sized country to consuming the same energy as a village."
"The resource consumption is definitely huge. It's not the sort of thing that's going to break the world by itself, but it's definitely a significant downside.
"If bitcoin sticks with its technology exactly as it is today," he said, "there's a big risk it will get left behind."
Ethereum plans to switch from PoW to PoS in the near future. Ethereum 2.0 is one of the most anticipated updates in the entire field.
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