Don’t expect cryptos to take over the world: Ethereum co-founder Buterin explains why

Buterin is a Canadian programmer and writer best known as one of the co-founders of Ethereum which was launched in 2014. (Bloomberg)Premium
Buterin is a Canadian programmer and writer best known as one of the co-founders of Ethereum which was launched in 2014. (Bloomberg)
 1 min read . Updated: 16 Jun 2022, 08:29 PM IST Livemint

Listen to this article

Ethereum, co-founder Vitalik Buterin on Thursday said he did not expect cryptocurrency assets to take over the world and replace traditional, government-backed currencies. Crypto markets are trading on a volatile tone. The market cap of cryptocurrencies globally erased early gains and continued their meltdown as Bitcoin and Ethereum witnessed selloffs.

Buterin told the VivaTech conference in Paris, "I do not expect cryptocurrencies to take over the world," adding, "It's about cryptos and digital and government."

As per the Reuters report, Buterin stated that the growing use of bitcoin and other cryptocurrencies, coupled with inflation which has eroded the purchasing power of many people's savings denominated in dollars, euros, or sterling, has caused speculation over the extent to which cryptocurrencies could become a normal part of life.

As per CoinMarketCap data, the global crypto market cap is $909.84 billion a 0.53% decrease over the last day. While the total crypto market volume over the last 24 hours is $104.38 billion, which makes a 2.16% decrease.

Furthermore, the total volume in DeFi is currently $8.42 billion, 8.07% of the total crypto market 24-hour volume. The volume of all stable coins is now $90.76 billion, which is 86.95% of the total crypto market's 24-hour volume.

Crytpo markets traded positively in the first half of the day before correcting after the US Fed hiked its interest rate by 75 basis points biggest in 28 years indicating its tough approach to battling multi-decadal high inflation rate.

Bitcoin and Ether scrapped their early gains and were trading in the red.

Bitcoin which is the crypto leader, traded at around $21,150 down by 1.3%. Ether plunged over 1% and was around $1,115.

MINT PREMIUM See All

In the last seven days session, up till Thursday, Bitcoin dipped over 30% and Ether plunged over 38%.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close