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How do Vitalik Buterin and his father think about the crypto market?

 


Vitalik Buterin and his father shared their opinion on the collapse of the Terra network and the general situation in the crypto market.


Ethereum co-founder Vitalik Buterin and his father Dmitry spoke to Fortune about the U-turn in the crypto and DeFi space . Both father and son revealed that they are already used to the wild swings in cryptocurrencies . However, they are positive about the future and anticipate another bear market .


“The crypto market has had its ups and downs, and it will continue to have ups and downs in the future,” Vitalik said.


"The bad times are certainly challenging, but it is usually during these times that the most meaningful projects are funded and built."


Vitalik's father Dmitry noted that "life is cyclical," just like cryptocurrencies . Vitalik remains optimistic that “the Ethereum ecosystem will continue to evolve into a more mature and successful blockchain ecosystem. The ecosystem aims to fulfill the hopes and dreams of millions of people for the crypto space in the coming decade.”


On Terra's collapse , Vitalik explained that it was a "healthy" moment that reminded investors of the downside of the crypto market. Buterin went on to explain that the collapse can be viewed as a "morally clarifying moment." This can help gauge people's character in good times and bad.


Dmitry hoped that the Terra crash would not lead to a ban on cryptocurrencies . Because, the collapse could also be seen as a “ lesson that will take us further ”.

The benefits of technology

Despite the currently declining crypto market, father and son pointed to the many advantages of the technology . Dmitry was particularly impressed by the way Ukraine used cryptocurrencies to raise funds to defend the Ukraine-Russia war.


"In the West, cryptocurrencies are sometimes unknowingly viewed as a form of gambling for rich people," Vitalik said. “But in countries like Argentina, cryptocurrencies are a financial lifeline for many people.”


Vitalik added that Decentralized Autonomous Organizations ( DAOs ) and Non Fungible Tokens ( NFTs ) are ingenious uses of cryptocurrencies.


Vitalik and the blockchain technology

The Ethereum co-founder's interest in cryptocurrencies was sparked by his father, a computer scientist. In the interview, Vitalik's father Dmitry tells that he first heard about Bitcoin in a podcast and immediately found the cryptocurrency interesting. "I was pleased that Vitalik was curious too," said Dmitry.


Dmitry taught Vitalik to code from an early age after the family immigrated to Canada from Russia. Vitalik also learned a lot from his grandfather and was already good at arithmetic at the age of three.


Finally, in December 2013, Vitalik demonstrated his understanding of blockchain technology and wrote the Ethereum whitepaper.


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