The cryptocurrency market staged a “massacre” over the weekend. Bitcoin and Ethereum both fell to their lowest levels in more than a year, and Ethereum was “oversold” for the first time since 2018, causing many investors’ anxiety index to break the table. Even so, ethereum co-founder Vitalik Buterin remains unmoved, claiming that he is not alarmed by ether’s sharp fall.
When Vitalik Buterin and his father, Dmitry Buterin, recently gave an exclusive interview to Fortune magazine about the cryptocurrency market, volatility and speculators, the father and son said that they are used to market volatility.
Ether fell below the $1,000 mark on Sunday, falling as low as $897, its lowest level since January 2021 and down about 81% from its all-time high of $4,800 in November. Looking back at previous bear markets, Ether has also experienced more tragic declines. For example, in 2017, after hitting a high of $1,500, Ether fell below $100 in just a few months, a drop of more than 90%. In other words, Ether’s recent decline is nothing compared to past corrections.
In this regard, Vitalik Buterin still maintains his usual calm and composure. He admitted that he is not worried about the future market trend, and pointed out that he prefers to pay attention to some cryptocurrency use cases other than DeFi and NFT. Vitalik Buterin said:
Cryptocurrencies have gone through peaks and troughs, and there will be ups and downs in the future. The downturn is certainly challenging, but it’s also often the time when the most meaningful projects are nurtured and built.
For now, Vitalik Buterin is more concerned about the hype by speculators and short-term investors for quick profits. He believes that the use cases of Ethereum are not limited to finance, and expects to see the use cases of Ethereum expand into new areas.
Vitalik Buterin expects ethereum to continue to grow and “get more mature,” while the much-anticipated ethereum merge upgrade (The Merge) is on the horizon, hoping to “fulfill the hopes of millions over the next few years” and dreams”.
In this sense, Vitalik Buterin’s father emphasized that going through a bull-bear cycle is a must for cryptocurrencies, and this time, Ethereum may be heading for an “era of mass adoption.” Dmitry Buterin said:
(Market movement) is never a straight line… Now, there’s a lot of fear, a lot of doubt. For me (in terms of outlook), nothing has changed. Life goes on despite a little short-term fear that speculators will be eliminated, and yes, there will be some pain and sadness.
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