Vitalik Buterin: “Crypto Winter” is Beneficial for the Whole Market
Ethereum co-founder Vitalik Buterin shared that a general decline in quotations is good for the cryptocurrency market.
During the “crypto winter,” the most useful products survive. That way, unreliable projects with problematic models and team complexities are sifted out, which is why crypto experts always “welcome a bear market.” Vitalik Buterin, one of the founders of Ethereum, shared this opinion in an interview with Bloomberg.
Buterin sees Ethereum’s goal as implementing its roadmap regardless of market fluctuations. In 2022, the network’s main goal is to implement The Merge stage, which involves combining a blockchain running on the Proof-of-Work algorithm with a blockchain based on Proof-of-Stake, resulting in Ethereum completely moving to the PoS algorithm.Recall that during the last seven days, the value of the first cryptocurrency has fallen by more than 10%, and the total market capitalization was reduced by almost $200 billion. Against this background, Huobi director Du Jun said that the current situation in the crypto market is seen as the beginning of a “bearish” trend that will not change until 2024.