Ethereum founder Vitalik Buterin wasn't shocked by the crash. Talked about Elon's influence.
The crash on Wednesday triggered by many factors, including the regulation on Bitcoin by China 'was expected', the Ethereum founder stated in an interview given to CNN on Tuesday morning, the day before the crash. And along with other crypto analyst's he believes that this was a healthy correction for the crypto markets.
He also stated that "Crypto isn't just a toy anymore". Buterin is impressed by the improvements and progress in technology made in recent times. "It feels like crypto is close to ready for the mainstream in a way that it wasn't even four years ago," Buterin said.
And we can see that Ethereum is actually becoming more adapted to the mainstream. Ethereum circulation increased with the recent boom in activity with NFT's, which run in the Ethereum blockchain.
Ethereum 2.0
Buterin also believes that there are possibilities for Ethereum to surpass Bitcoin in market value at some point. The release of Ethereum 2.0 has the potential to do just that. Buterin acknowledged that the traction fees on ETH at the moment are very high and said the cost will come down with the improvements in the network's backend. Ethereum is moving away from Proof-Of-Work to a Proof-Of-Stake concept, like that of the Cardano network(I have an article explaining just this, follow the link if you like to learn).
This change in technology will reduce the energy consumption of Ethereum up to 10,000 times.
Vitalik Buterin about Elon Musk
Buterin also talked about Elon Musk and how he is influencing the market. "I think it's reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever." said Buterin.
If you've followed me on PublishOx and on other social platforms(Links given below this post) you would know that I share the same views about Elon and his influence on crypto. Elon and his tweets have some effects on the market at the moment, but it will change, the market will build up immunity over time.
And understand that crypto is not for the ones who jump in on every news and tweet. Crypto is for the ones who believe that it is the future and the ones who resist the temptation to sell when the market crashes and actually use that opportunity to buy more units when the price is low.
Thank you for reading this post.
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