Vitalik Buterin, the co-founder of Ethereum, claims that he was aware that the bull market of cryptocurrencies would eventually end in a recent interview with economist Noah Smith.
Even though many people thought high prices were the new deal, Buterin was confident the bubble would burst.
The last bull market, according to Buterin, was overfished since it lasted about a year and a half. He mentioned that cryptocurrency bubbles usually last up to nine months.
The Canadian programmer nevertheless downplayed the severity of the latest crypto decline, attributing it to a market cycle. According to Buterin, the recent decline is not a sign of underlying problems in the cryptocurrency sector.
The co-founder of Ethereum gave Terra, a well-known stablecoin project that failed earlier this year, as an example of an unsustainable business model that could only thrive during the bull market.
The future of Bitcoin, according to Buterin
Buterin believes that over time, Bitcoin’s volatility will decrease significantly. While it is still being determined that the cryptocurrency industry will achieve global acceptance, it remains clear that it will not collapse completely.
The co-founder of ETH is confident that if cryptos integrate into several specialized areas, such as the store of value, and establish themselves as the “Linux of finance”, the likelihood of them disappearing will be minimal.