Vitalik Buterin Knew The Bull Market Would End

In a recent interview With Noah Smith, Ethereum founder Vitalik Buterin claims he knew the crypto bull market was coming to an end.

End of the bull market

Many people thought that high prices were the “new normal”. Buterin said he knew this bubble would burst at some point.

Buterin claims that the previous bull market was overloaded as it had been going on for a year and a half. He noted that crypto bubbles normally last up to nine months. Despite saying that last year’s high prices were a bubble, he says that investors should not be afraid that the crypto market will not recover. He says:

Low crypto prices are not an indication of fundamental flaws in the cryptocurrency market.

– Vitalik Buterin

The Ethereum co-founder cited Terra as an example of an unsustainable business model that could only be successful during the bull market. Terra, formerly a popular blockchain project, collapsed earlier this year.

His own project has also suffered a significant drop in value. The ETH price is down 67.44% from its record high. The coin has trouble recovering prior to the Merge upgrade.

The long term

Buterin believes that the volatility of Bitcoin price will drop significantly in the long term and we will therefore not see such violent fluctuations in value again. However, it is not yet clear to what level the price of the cryptocurrency will rise. It remains to be seen whether the cryptocurrency sector will succeed in gaining mainstream legitimacy.

The Canadian programmer is convinced that crypto is unlikely to disappear in 20 years. However, there is also little chance that it will take over the world, regardless of whether it manages to eliminate certain flaws. An example of this is the current store of value.

Read Also:  Ethereum's Fate Remains Uncertain

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here