Vitalik Buterin wonders if crypto is entering a 'winter' phase
Vitalik Buterin, the co-founder of Ethereum, the network behind the world's second-biggest cryptocurrency Ether (ETH), wonders if the crypto space is entering another 'winter.' By winter, he meant the drastic fall in prices that the entire space is witnessing in the current period when most of the tokens are more than 50% low from their all-time highs.
Vitalik Buterin welcomes bear market?
Vitalik Buterin stated the importance of a bear market in the crypto space and how they affect the mentality of investors as well as crypto enthusiasts. Moreover, in his interview with Bloomberg, the 28-year old Ethereum co-founder was rather positive about the recent dip that the market has experienced."The people who are deep into crypto, and especially building things, a lot of them welcome a bear market," Vitalik Buterin said during an interview with Bloomberg. "They welcome the bear market because when there are these long periods of prices moving up by huge amounts like it does -- it does obviously make a lot of people happy -- but it does also tend to invite a lot of very short-term speculative attention."
Crypto winters
Vitalik Buterin emphasized the fact that since the huge growth in the crypto space since the last "crypto winter," there has been a huge surge in cryptocurrencies and exchanges as well. The data from CoinMarketCap shows that there were more than 17000 cryptocurrencies at the time of writing. The billionaire also added:"The winters are the time when a lot of those applications fall away, and you can see which projects are actually long-term sustainable, like both in their models and in their teams and their people."Vitalik Buterin, who recently initiated the concept of soulbound NFTs, stated that he is "shocked" by the huge growth in cryptocurrencies and believes that the huge surge in the popularity of these blockchain-based assets can also be attributed to the actual application to blockchain tech in various spheres.
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