Vitalik Buterin Stays Optimistic About the Crypto Market’s Crash
The crypto community is shocked because of Bitcoin’s collapse, but Vitalik Buterin stays optimistic. Despite the fact that the crypto market’s crash ate a lot of his own wealth and he is not a billionaire anymore, he believes that one day Ethereum will be able to overcome Bitcoin.
Vitalik thinks that Bitcoin is in a bubble now, and it can pop very soon or it may take months. The environmental damage caused by Bitcoin’s mining is significant, so Vitalik believes the future of the first world’s cryptocurrency will be determined by finding an effective solution to this downside.
He supposes that other cryptocurrencies will also look for ways to use the energy efficient technologies. The concerns about the PoW consensus algorithm are justified, and Ethereum is now in the process of moving towards the PoS algorithm which is 99% more energy efficient. Vitalik is sure that if Bitcoin won’t switch to one either, or at least use a hybrid, the chances it will be left behind are rather high.