Ethereum founder Vitalik Buterin said that the bearish trend will enable developers to focus on improving projects.
Cryptocurrency billionaire Vitalik Buterin, during an interview, noted the benefits of a deep and long correction of the crypto market. According to him, the industry will greatly benefit from the fall of cryptocurrencies, and every investor is quite capable of benefiting from the current situation.
“Many people who are deeply versed in cryptography and especially in the creation of projects welcome the bear market. Because when there are such long periods when prices move at a huge pace, as they do now, it makes many people happy and tends to cause a lot of short-term trades.
Buterin noted that the huge capital previously invested in the bull market created crypto billionaires and millionaires overnight. At the same time, the astronomical income of one trader turned into the collapse of another. At this time, the schemes of pumping and dumping the market were most often used. Many cryptocurrency projects were conceived only for short-term gain.
“Winter is the time when many of these applications are leaving the market and you can see which projects are actually long-term, both in their models and in their teams.”
The founder of Ethereum stated that he was surprised by the changes that the market has experienced since 1080 year. At the same time, the young billionaire said that he doubts that we are now seeing a bearish trend in the market. According to him, this may well be a deep correlation of the crypto market with traditional markets.
Buterin added that the crypto winter will help developers of cryptocurrency projects focus on improving technologies. Last year, the American magazine TIME added Ethereum founder Vitalik Buterin to the top 20 influential people 2000 of the year working in the field of innovation.
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