The crypto community realized that in order to get some relief from the current recession, not only did some good news from Wall Street, but also the founders from some of our favorite projects.
Vitalik Buterin happens to be the co-founder of one of the eth coin, and his latest comment has not been successfully completed. In fact, some people say that he has made the collapse of Ethereum more serious. Some people totally disagree with him.
Back in the encryption market, everything has been unsuccessful since it reached its peak from the end of December to the beginning of January. Regulatory concerns have led to the full surrender of most crypto dealers in Japan, South Korea and China. Fast forward to September, the encryption community is waiting for the US Securities and Exchange Commission to rule on the CBOE-sponsored Bitcoin ETF. This tension culminates in a very volatile market, as Goldman Sachs puts on the fake bitcoin news and the encrypted trading desk program.
In order to insult the injury, Vitalik Buterin told Bloomberg in an interview on September 8 that we are at the cusp of the blockchain ceiling, and the 1000-fold growth day has passed. His exact words are:
“The blockchain space is already at the point where you can see the ceiling. If you talk to an ordinary educated person at this time, they may have heard of the blockchain at least once. Nothing in this area can be increased by another 1000 times. "
He added that the strategy of gaining encryption through marketing is moving towards a dead end. What needs to be done is that more people participate in encryption in a more in-depth way, and people are more interested in the practical application of actual economic activities. The ethereum price is falling sharply.
From a technical point of view, Vitalic’s statement is correct. Given the current bear market, these words are not what investors and holders want to hear. More importantly, if investors are more interested in the financial aspect of encryption, rather than from the technical part like many fans.
Then what could happen is that the Ethereum believers saw their favorite digital assets hit hard, as more profit-oriented investors took off. This is more or less the case when Elon Musk reportedly used marijuana and whiskey during podcasting. The value of Tesla’s stock fell immediately, with rumors that the US Air Force wanted to investigate his company: Space X. There is no doubt that the ethereum trading is becoming less and less.
All in all, what we want to say is that Vitalik Buterin's comments are technically correct, but they are out of date in a bear market. ETH is currently struggling to return to the level of more than $200, and many predict it may get worse before digital assets get better. The US Securities and Exchange Commission made an undecided decision for the CBOE-sponsored Bitcoin ETF, as may be the case. If they reject or postpone the ETF, the encryption market will be negatively affected to some extent.