{"id":42893,"date":"2021-05-21T10:34:15","date_gmt":"2021-05-21T07:34:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42893"},"modified":"2025-08-31T01:11:59","modified_gmt":"2025-08-30T22:11:59","slug":"vitalik-buterin-warns-of-market-bubble-and-doubts-bitcoins-primacy","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/vitalik-buterin-warns-of-market-bubble-and-doubts-bitcoins-primacy\/","title":{"rendered":"Vitalik Buterin warns of market bubble and doubts Bitcoin&#8217;s primacy"},"content":{"rendered":"<p>Bitcoin must develop its technological base to improve energy efficiency, otherwise digital gold risks falling behind, co-founder of Ethereum Vitalik Buterin said in an interview with CNN.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">The crypto crash of the past few days has shocked investors around the world.<\/p>\n<p>Vitalik Buterin isn\u2019t among them \u2014 even though the meltdown wiped out a huge chunk of his personal wealth. <a href=\\\"https:\/\/t.co\/TkPlysfuNo\\\">https:\/\/t.co\/TkPlysfuNo<\/a> <a href=\\\"https:\/\/t.co\/yuxxsPrsLB\\\">pic.twitter.com\/yuxxsPrsLB<\/a><\/p>\n<p>\u2014 CNN (@CNN) <a href=\\\"https:\/\/twitter.com\/CNN\/status\/1395350340761919490?ref_src=twsrc%5Etfw\\\">May 20, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In his view, there is a possibility that the first and second cryptocurrencies may eventually swap places. Ethereum is moving to a more eco-friendly Proof-of-Stake consensus algorithm, which will significantly reduce energy consumption.<\/p>\n<p>Regarding environmental concerns around Bitcoin, which runs on Proof-of-Work, he said:<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;I really think these concerns are real. Resource consumption is undoubtedly enormous. This is not the thing that will destroy the world by itself, but its substantial negative impact is obvious.\\&#8221;<\/p>\n<\/blockquote>\n<p>The current market conditions for digital assets, Buterin described as a bubble. He noted that it is difficult to predict when it will burst.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;We have had at least three major cryptocurrency bubbles so far. Quite often, the reason bubbles burst is the event that makes it clear that the technology is not yet ready,\\&#8221; he added.<\/p>\n<\/blockquote>\n<p>He also admitted that the crypto industry is \\&#8221;vulnerable\\&#8221; to external triggers, notably Elon Musk&#8217;s tweets. However, he believes that over time an \\&#8221;immune system\\&#8221; will form.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;His Twitter \u2014 this is something the industry faced literally last year. I think it&#8217;s reasonable to expect a bit of madness. But I really believe that markets will learn. Elon won&#8217;t have influence forever,\\&#8221; he added.<\/p>\n<\/blockquote>\n<p>Tesla founder <a href=\"https:\/\/u1f987.com\/en\/news\/elon-musk-criticises-bitcoin-for-centralisation-and-threatens-to-bet-it-all-on-doge\">criticised Bitcoin for centralisation<\/a> and said that it is too dependent on mining companies.<\/p>\n<p>On May 20, Musk posted on his page a post with a photograph of a dollar bill bearing the Dogecoin logo and the words \\&#8221;Cyber Viking\\&#8221;. After this the asset <a href=\"https:\/\/u1f987.com\/en\/news\/dogecoin-climbs-after-elon-musk-tweet\">rose by more than 20%<\/a>.<\/p>\n<p>Earlier, in early May, Ethereum&#8217;s rise above $3,000 <a href=\"https:\/\/u1f987.com\/en\/news\/ethereum-tops-3000-pushing-vitalik-buterin-to-billionaire-status\">pushed Buterin into billionaire status<\/a>. Due to the <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-falls-below-35000\">market crash<\/a>, he lost that status \u2014 his wealth <a href=\"https:\/\/u1f987.com\/en\/news\/forbes-estimates-crypto-billionaire-losses-from-market-plunge\">fell to $850 million<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin must develop its technological base to improve energy efficiency, otherwise digital gold risks falling behind.<\/p>\n","protected":false},"author":1,"featured_media":42894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1217,46,200],"class_list":["post-42893","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-elon-musk","tag-ethereum","tag-vitalik-buterin"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42893"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42893\/revisions"}],"predecessor-version":[{"id":42895,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42893\/revisions\/42895"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42894"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}