- Vitalik Buterin said crypto isn’t just a toy anymore.
- He also said cryptocurrency is here to stay.
Ethereum’s co-founder said that he was not worried about the crash as this wasn’t his first. In addition, he said the crypto industry had observed various market crashes. Notably, the pullback of last 2017/2018.
According to Buterin, the current market activity is like a bubble. Therefore it is notoriously hard to predict. He said the whole façade could have ended already, or it could end months from now.
Furthermore, he continued as follow:
We’ve had at least three of these big crypto bubbles so far. And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn’t there yet.
Buterin also likened the current market crash to events that played out 4 years ago. He noted it feels like crypto is close to ready for the mainstream in a way that it wasn’t even 4 years ago. “Crypto isn’t just a toy anymore,” he added.
Unlike the bull run and then the crash of 2017/2018, the crypto has changed. But, for the latest Bull Run, institutional players fueled.
This pushed some experts to blame Tesla’s CEO Elon Musk for the latest market downturn. Concerning Musk, Buterin opined that the billionaire’s impact on the crypto market would eventually wane.
Additionally, he said Elon Musk tweeting is something that the crypto space is experiencing for the first time last year and this year. Also, he said it’s reasonable to expect a bit of craziness. But he thinks that the markets will learn. “Elon is not going to have this influence forever,” Buterin added.