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


© Reuters Vitalik Buterin Talks About the Downsides of BTC and Fears for ETH
  • Vitalik Buterin was interviewed by The Stakeborg.
  • He is well-known for his constant talk about crypto.
  • This time, he touched — the downsides of it and his fears for Ethereum.

Vitalik Anderin is a co-founder and chief executive of Ethereum. He has been a constant commentator on the current state of the cryptocurrency industry. He has previously voiced his opinions and critiques about Bitcoin (BTC) in the past. He has remained silent on the subject for some time, but it was brought up again during his interview with The Stakeborg. He specifically mentioned Bitcoin in this interview and, surprisingly, also expressed his concern 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. He was the co-founder and CEO of Ethereum (ETH), which saw the company grow from a small startup to a $400,000 billion enterprise. Along with the major networks, the public can see how Ethereum transformed and revolutionized the industry.

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. Some Ethereum members are even saying that they compare it to Louis Vuitton.

He is still optimistic about Ethereum’s future, believing that layer 2 solutions will solve 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”. He is being brave, considering that El Salvador has already made Bitcoin a legal currency. Even more, he believes BTC may also impact 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. PlanB, another cryptocurrency analyst, has predicted that BTC’s price might even exceed $288,000. BTC-lovers might have an amazing holiday season if the bull run is successful.

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