Ethereum’s Vitalik Buterin says that he knew that the cryptocurrency bubble would eventually pop
In a recent interview with Noah Smith, Ethereum’s Vitalik Buterin claimed that he knew the crypto bull run would eventually come to an end.
Many people thought that high prices were the “new normal,” but Buterin knew that the bubble would pop.
Buterin claims that the previous bull run was extended as it lasted for almost a year and a half. He added that crypto bubbles usually last for nine months.
At the same time, the Canadian programmer has dismissed the severity of the most recent price correction, chalking it up to cyclical dynamics. Low crypto prices are not indicative of any fundamental flaws within the cryptocurrency market, according to Buterin.
The co-founder of Ethereum, a popular blockchain project called Terra, came out earlier this year as an example of a volatile business model that was only able to succeed during bull markets.
The ETH price is down 67.44% from its record peak, struggling to recover ahead of the merge upgrade.
“Linux of Finance”
Buterin believes that bitcoin’s volatility will drop significantly in the long term. However, it is still clear at what price the cryptocurrency will manage to settle down as it remains to be seen whether the cryptocurrency sector will manage to gain mainstream legitimacy.
The Canadian programmer is convinced that the probability that crypto disappear or take over the world 20 years from now will be low if it manages to succeed in several niche sectors such as store of value and becomes the “Linux of finance.”
