The Ethereum co-founder Vitalik Buterin noted that we are at the end of the crypto market bull run and now we are very near to the bear market.
Vitalik Buterin is co-founder of Ethereum blockchain and he remains active in the crypto industry as a crypto proponent. Vitalik is a Canadian computer programmer, who is the owner of a huge technical experience in the crypto Industry.
On 2 September, Noah Smith published an interview report with Vitalik Buterin. In the interview, Noah asked from Ethereum co-founder about his opinion on the current situation of the crypto industry which plunged significantly in the past few months.
Vitalik said that he is surprised that the crypto market bull period was more than 1 and half years because usually, it remains for up to 9 months but this time it was overextended.
“Normally crypto bubbles last around 6-9 months after surpassing the previous top, after which the rapid drop comes pretty quickly.”
Further Vitalik said that people are still thinking that high prices are normal high and assuming that prices will go further upside, which may not be the case.
According to Vitalik, the downturn in the crypto Industry and plunge in the price of assets are necessary things because these events help us to figure out the Unsustainable business models.
In particular, Vitalik noted that the Collapse of Terra blockchain (Lunc) with its Stablecoin UST was a most noticeable bad business model, which was successful in the bull run but not in extreme volatility.
On the future nature of crypto assets (Bitcoin & Ethereum), Vitalik admitted that there is a level that will occur in the future where Crypto assets will behave like Gold or stock like assets, in terms of volatility.
In short, the Ethereum co-founder said that he believes that Bitcoin will get a highly reputable position in the global financial economy and also it will no more remain highly volatile.