Vitalik Buterin sees market crash as positive for crypto

Vitalik Buterin considers the sharp correction on the crypto market to be a positive development. That's what the 28-year-old Ethereum inventor said in an interview with ex-Bloomberg columnist Noah Smith .

Such price declines are good for “uncovering problems” and washing “unsustainable business models” off the market.

"During a crash, that no longer works," says Buterin. He points to the example of Terra (LUNA). The stablecoin ecosystem rocketed into the top 10 cryptocurrencies as of 2020, crashing 99 percent this spring .

In the medium term, Buterin believes that prices in the crypto market will calm down and approach gold and stock markets in terms of volatility.

Ethereum is on the home stretch of its most important update, the merge . It is said to make the world's second largest blockchain 99 percent more energy efficient.

This is done by switching the consensus algorithm to Proof of Stake. However, this also entails dangers, such as potential centralization.

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