Vitalik Buterin, the founder of Ethereum, and his father, Dmitry “Dima” Buterin discussed the cryptocurrency market, volatility, and speculators. Buterin stated in an interview with Fortune Magazine that he is unconcerned with ETH’s price decline.
Buterin and his father both claimed to be accustomed to instability. The second most valuable cryptocurrency by market capitalization fell from an all-time high above R72K to values last seen in 2020.
Ethereum has had similar or worse drawdowns since its launch in 2014. Back in 2017, the cryptocurrency reached an all-time high near R23.9K before plummeting below R1.6K in the months that followed. This is why Buterin and Dima indicated they aren’t concerned about the current bearish pressure and instead focused on crypto’s prospective use cases outside of banking, non-fungible tokens (NFTs), and some of the other popular use cases.
According to Vitalik Buterin, cryptocurrency has experienced its ups and downs, and it will continue to do so. Downtimes are undoubtedly difficult, but they are also frequently the times when the most meaningful ideas are nurtured and grown.
The Ethereum creator is more concerned about speculators and short-term investors looking to make a quick profit. As a result, he believes the Ethereum network may extend beyond financial use cases and anticipates it will do so.
As the article explains by mentioning Buterin’s contributions to Ukraine, cryptocurrency can be utilized to fund donation networks through decentralized autonomous organizations (DAOs). Ethereum’s founder recently mentioned “souldbound tokens” and how they can improve people’s online experiences.
Vitalik Buterin reflected on the early days of Ethereum and what it has become.
“So, at first, I thought it would be something pretty small. Then I thought it would be maybe something interesting. The other thing that happened that I totally did not expect is just how big the crypto space got first in 2017 and then in 2021. I think that part of the rapid growth was definitely a big surprise to me. “
Buterin, Vitalik Concerning Ethereum’s Future
The second-largest cryptocurrency by market capitalization is currently updating its consensus algorithm. The network is supposed to become more scalable as it transitions from Proof-of-Work (PoW) to Proof-of-Stake (PoS), while also lowering its environmental impact.
Despite the fact that the crypto market is currently in the red, Buterin expects the network to continue to expand and “mature.” The network’s creator expects it to “meet the hopes and dreams of millions of people” in the coming years.
In this regard, Buterin’s father emphasized the market’s cyclical nature and why cryptocurrency will always have “ups” and “downs.” This time, ETH may be entering the “period of mass adoption,” as Dim predicted.
This could happen if core developers are successful in launching “The Merge” on mainnet, the event that will complete ETH’s transition to its new consensus mechanism, and they implement technology that assists in its scalability.
”It’s never a straight line. It’s not as smooth. Right now, there’s a lot of fear. There’s a lot of doubt (…). Nothing changes for me [in terms of outlook]. There is a bit of short-term fear and speculators will be washed out, and, yes, there will be some suffering, unfortunately, and pain, and then life will go on.”
At the time of writing, ETH’s price trades at 1,100 with sideways change in the last 24 hours.