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Vitalik Buterin Talks About the Downsides of BTC and Fears for ETH

Published Oct 13, 2021 12:29PM ET
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© Reuters Vitalik Buterin Talks About the Downsides of BTC and Fears for ETH
 
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  • The Stakeborg interviewed Ethereum Co-founder, Vitalik Buterin.
  • It is known that he always talks about the crypto industry.
  • This time, he touched Bitcoin — the downsides of it and his fears for Ethereum.

The crypto community knows the Ethereum Co-founder, Vitalik Buterin for always talking about the state of the crypto industry. In the past, he expressed his views and criticisms on the major coin, Bitcoin (BTC). However, he has refrained from speaking about the matter for a long time but resurfaced again in his recent interview at The Stakeborg. Here, he specifically touched Bitcoin and surprisingly, he also shared his fears for Ethereum.

Vitalik Buterin has been in the crypto industry for more than a decade now — if anything, he has a big part in its growth. Specifically, being the co-founder of Ethereum (ETH), he saw how the company grew from nothing to a $400 billion-large crypto. The public has seen how Ethereum revolutionized and transformed the industry, along with major networks present.

Buterin endlessly moulded Ethereum, which is evident in the recent Ethereum 2.0 and Ethereum London’s upgrades. However, Buterin expressed in The Stakeborg that he fears that despite Ethereum’s exponential growth, it could still be walking into a ‘cultural trap’ as he described it. He further added that due to the high fees on the network, he’s also concerned with the possibility that Ethereum could only serve the rich. He said some members of the Ethereum community are even comparing it now to Louis Vuitton.

Nonetheless, he still feels confident for the future of Ethereum as he believes that layer 2 solutions are solving potential problems.

As for Buterin’s view on Bitcoin (BTC), he bravely stated that Bitcoin “needs to transition to PoS” and commented, “PoW is a cultural mistake”. For him, Bitcoin sticking to PoS could impose problems in the future and could be the “downfall of BTC”. This is a rather brave thing to say, knowing that he already criticized El Salvador for making the coin a legal tender. More so, he thinks BTC could also affect the environment.

Despite Buterin’s criticisms, Bitcoin (BTC) still surpasses people’s expectations as it steadily remains bullish. On a deleted YouTube video from Anthony (Pomp) Pompliano’s account, Pomp explained that the global events regarding BTC could directly affect its possible big highs. Moreover, as the bull run has just begun, another crypto analyst, PlanB, predicted that BTC price could even reach $288,000. Suffice to say, BTC enthusiasts might just have a wonderful holiday season before this year ends, if this comes true.

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Vitalik Buterin Talks About the Downsides of BTC and Fears for ETH
 

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