Ethereum co-creator Vitalik Buterin affirmed that he was not anxious about the latest cryptocurrency crash. He cited that it is because it is not the initial incident that he encountered virtual currency trading prices nosediving.
We feel encouraged by the recent statement made by Mr. Vitalik Buterin. We believe that our readers who support cryptocurrencies should learn about his latest views.
We think they would also feel enlightened and pacified at this time when cryptocurrency trading prices are plummeting. The cryptocurrency meltdown that took place these past few days has left investors worldwide astonished and worried, per the report posted online by international news outlet CNN.
Nevertheless, Buterin confirmed that he had felt otherwise, even though the digital currency crash may have wiped out a big chunk of his personal wealth. The cryptocurrency boom-bust cycles veteran affirmed that he did not feel concerned about the recent cryptocurrency crash, comparing it to the happenings that took place four years ago.
Buterin said that the cryptocurrency sector had observed several market crashes, notably the pullback that happened last 2017 and 2018. Additionally, the 27-year-old Russian-Canadian programmer who dropped out of college relayed that he believes virtual currencies are currently in a bubble.
Buterin emphasized that it is notoriously challenging to foretell when bubbles would pop, based on the news posted online by online cryptocurrency news and information outlet CoinQuora. He added in a CNN Business exclusive interview last Tuesday morning, May 18, that the present market activity he likened to a bubble could have concluded already or that it could end months from now.
Furthermore, Buterin remarked that the financial markets had had a least three of these massive cryptocurrency bubbles so far. He explained that, often enough, the reason the bubbles end up halting is due to some happening that takes place, making it lucid that the technology is not there yet.
We highly support Mr. Buterin’s position regarding the latest cryptocurrency market sell-off. We are aware of what happened between 2017 and 2018, when Bitcoin’s trading price dropped from nearly US$20,000 to US$13,800 in December 2017.
Seven months later, the world’s famous cryptocurrency’s trading price recovered to US$10,944. Then, by April 2021, we witnessed Bitcoin’s trading price skyrocketing to US$60,000. Hence, when it comes to Bitcoin’s value history, we think it is really like a rollercoaster ride.
But similar to Mr. Buterin’s perspective, we do believe that cryptocurrencies’ plummeting trading prices are temporary. Above all, we concur with his perspective that these virtual assets are here to stay for good.
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