Cryptocurrency

Ethereum Founder Expected Crypto Market Crash

Ethereum Founder Expected Crypto Market Crash

Ethereum Founder Expected Crypto Market Crash

  • Ethereum founder, Vitalik Buterin has stated that he expected the recent crypto market crash

  • Buterin believes that cryptocurrencies need to adopt technological changes that reduce energy consumption

  • The 27-year-old also acknowledged that there is a chance for Ethereum to overtake Bitcoin in the future

The crypto market has been shocked by a market crash in the past few days.

This has seen the total market capitalization fall by over 35%, with major coins doing the same.

Ethereum founder, Vitalik Buterin appears to be one of the few people that weren’t shocked by the recent market crash.

Ethereum Founder
Vitalik Buterin

Buterin states that he feels that the crypto market is in a bubble due to recent debate surrounding energy consumption in the crypto market.

He noted that while Bitcoin’s energy consumption wasn’t enough to destroy the world, it had a significant negative effect on the environment.

Ethereum is in the process of moving to another framework in the 2.0 update that will drastically reduce its energy consumption.

Read also: Is Bitcoin Really Dead?

Vitalik Buterin also had something to say about Elon Musk’s recent hold on the market.

He expects Musk’s influence on the market to reduce as time passes. In his words; “Elon Musk will not have this influence forever”.

Buterin’s crypto asset Ether is currently trading at $2,321, with a market cap of $271.49 billion.

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