Ethereum founder issues ‘controversial’ Bitcoin and crypto warning amid wild price swings
Bitcoin
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The price of bitcoin has rallied this week, climbing above the closely watched $20,000 per bitcoin level, while ethereum is up nearly 25% since this time last week – with some predicting that the price of bitcoin could return to all-time highs highs faster than previously thought.
Now, ethereum co-founder Vitalik Buterin, one of the most respected voices in the bitcoin and crypto community, has issued a “controversial” warning about crypto adoption — amid growing excitement that crypto could be headed for a $10 trillion earthquake.
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Ethereum co-founder Vitalik Buterin is one of the most influential voices in bitcoin and crypto … [+]
“I don’t think we should enthusiastically pursue large institutional capital at full speed,” Buterin posted to Twitter, and calls the recording “maybe-controversial”. – I am actually very happy about it [exchange-traded funds] will be delayed. The ecosystem needs time to mature before we get even more attention.”
The crypto market has cheered several “major milestones” in recent months, including news BlackRock
Financial services giant Fidelity this week surveyed over 1,000 institutional investors and found nearly 75% of them plan to buy cryptocurrencies in the future, it was reported by Blockwork.
Last year, the launch of the first U.S. bitcoin futures exchange-traded fund (ETF) helped the bitcoin price hit a record high of nearly $70,000 — boosting the price of ethereum and other major cryptocurrencies. Since then, a handful of applications for a full-fledged US bitcoin ETF have been rejected by regulators.
In recent months, much of the crypto debate has focused on looming regulations in the US and around the world that some fear could stifle innovation and development. Crypto billionaire and CEO of FTX crypto exchange Sam Bankman-Fried has attracted criticism for proposals that would see users of automated decentralized finance (DeFi) protocols to share their data with companies and regulators.
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Ethereum price has added around 25% since this time last week as the broader bitcoin and crypto … [+]
“Regulation that leaves the crypto space free to trade internally but makes it harder for crypto projects to reach the mainstream is much less bad than regulation that intrudes on how crypto works internally,” Buterin added.
Bankman-Fried signaled her support for Buterin’s proposals, calling them “generally … quite reasonable.”
Bankman-Fried this month called for stricter crypto standards – including improved consumer protections, transparency and disclosures – but sparked a backlash that saw him accused of trying to monopolize or censor crypto technology.
