Vitalik Buterin: the crypto market is in a bubble
Vitalik Buterin was interviewed by CNN, commenting on the market crash and how Elon Musk is affecting the value of cryptocurrencies.
The head of Ethereum noted that today the crypto market is in a bubble and he cannot say when this “bubble” will burst. But this market position did not affect Buterin's attitude towards digital currencies in any way. The future of the industry remains optimistic. In addition, cryptocurrencies are now close to widespread acceptance in globally as possible.
Buterin did not forget to mention the “vulnerability” of the industry to external stimuli. For example, Elon Musk's tweets. Cryptocurrencies have felt the impact of Musk's Twitter last year, according to Vitalik. Against this background, one can expect a little "madness", but the markets will eventually develop an "immune system" to such persons, and even Elon will not be able to influence the value of tokens forever. Buterin said that he does not see malicious intent in the actions of the billionaire, since he is also a person, and people tend to be fans of simple things, be it even a Shiba Inu dog.
Vitalik suggested that Bitcoin and Ethereum could soon swap places, recalling that the second cryptocurrency on the market will become more “green” by switching to Proof-of-Stake. This will also significantly reduce ETH power consumption. Excessive energy consumption by tokens is not capable of destroying the world, but fears about the number of resources "devoured" by them are quite real.
According to Buterin, in the future, cryptocurrencies may move from energy consumption at the level of a medium-sized country to the level of a small village. But if Bitcoin fails to accommodate this trend, it will be left behind as the rest of the industry moves forward.