Bitcoin, Cryptocurrency And Blockchain News

Vitalik Buterin: Crypto Could Drop to Zero, Traditional Assets Are the Safest Bet

The warning has left many followers worried


Ethereum’s creator, Vitalik Buterin, has warned his followers on Twitter that they shouldn’t completely rely on cryptocurrencies. In a tweet posted today, Buterin wrote:

Buterin is an avid supporter of blockchain technology and created the smart contracts based platform Ethereum in 2013 to solve many of the problems faced by people in a centralized network. This is the reason why his followers were shocked by his warning. A crypto user even blamed Buterin for posting this tweet as instructed by his lawyers or for publicity, “This has been either drafted or suggested by a lawyer, but nevertheless is full of common sense and imho SOLID advice.” Buterin immediately denied those claims and stood by his words.

He was even accused of losing hope in cryptocurrencies by other investors.

Others wondered whether he had sold his Ethereum as its value declined earlier this year.

But some people supported his statements with their own perspectives on cryptocurrency.

2018 has been a heavy year for crypto users – after crossing $19,000 last year, Bitcoin crashed to around $7,000 in the first week of February while Ethereum dropped by 15% to $748. However, the crpytocurrencies made a comeback a few days ago as Bitcoin surpassed $10,000 and Ethereum went higher than $950. Such a change in price was met with delight by the crypto community.

But when Buterin posted the reminder, followers started questioning his motives behind the tweet. Last year, Buterin warned users that, “If all that we accomplish is lambo memes and immature puns about ‘sharting,’ then I WILL leave.” He further mentioned that people need to understand the difference between getting rich instantly and ‘achieving something meaningful for society’.

Buterin didn’t answer any more questions or post any other tweets. So, far his comments had no effect on Ethereum’s price which, at the time of writing, is at $963.