Ethereum Founder: "Crypto Market Bubble, No One Knows When It Will Burst"

"Musk, No Malicious Intent Expected"

Vitalik Buterin, the creator of Ethereum. Photo by Yonhap News

[Asia Economy Reporter Kim Heeyoon] Vitalik Buterin (27), co-founder of Ethereum, expressed his opinion that there is currently a bubble in the cryptocurrency market.

In an exclusive interview with CNN on the 20th (local time), Buterin said, "Cryptocurrency is currently in a bubble phase, and it is really difficult to predict when the bubble will burst."

He added, "(The bubble) may have already ended or may end in a few months."

The cryptocurrency market has recently been experiencing a sharp decline. Ethereum was priced at $4,300 per coin on the 11th but dropped significantly to the $2,700 range as of the morning of the 20th.

Accordingly, the value of Ethereum held by Buterin, which once reached $1.1 billion, has decreased to $870 million as of the morning of the 20th.

Buterin emphasized, "Unlike four years ago, cryptocurrency is trying to enter the mainstream world," adding, "It is no longer just a simple toy." He also evaluated that Ethereum has become closer to the mainstream based on NFTs (Non-Fungible Tokens).

Furthermore, Buterin commented on Tesla CEO Elon Musk's actions, saying, "His fascination with Dogecoin may be purely out of curiosity," and "I do not think Musk has malicious intent." He continued, "It is natural that there is confusion due to his remarks, but the market will learn, and Musk will no longer be able to exert such influence."

Buterin, a Russian-Canadian, published the Ethereum whitepaper when he was 19 in 2013 and launched the Ethereum blockchain in 2015.

This content was produced with the assistance of AI translation services.