Vitalik Buterin: Crypto is a Significant Part of the New World

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  • Ethereum creator Vitalik Buterin says “Crypto isn’t just a toy anymore. It’s a significant part of this new world.”
  • Buterin believes Bitcoin has to adapt better technology, otherwise it will get left behind.
  • The crypto expert says Elon is new to crypto, thus it is reasonable to expect a bit of craziness from him.

Vitalik Buterin, the 27-year old Russian-Canadian programmer and creator of Ethereum, told CNN Business in an exclusive interview that he believes cryptocurrency is now a significant part of the new world, emphasizing that a large group of people now utilize it as a currency.

“It feels like crypto is close to ready for the mainstream in a way that it wasn’t even four years ago,” Buterin said. The crypto billionaire then added:

Crypto isn’t just a toy anymore. It’s a significant part of this new world that’s been created.

Nevertheless, the crypto expert stressed that crypto is still in the early stages, and he, as a developer, has to “level up” and work harder in order to turn crypto into something that can be really good and valuable for humanity.

Are we in a Crypto Bubble?

When asked if we are in a crypto bubble right now, the crypto veteran reluctantly replied “I would say yes,” adding that there comes no prediction of when the bubble is going to end. “It could have ended already,” Buterin said. “It could end months from now.”

According to Buterin, so far we have passed at least three big crypto bubbles. And usually, the biggest reason the bubbles end up stopping is a set of events that “makes it clear that the technology isn’t there yet.”

Bitcoin Needs Better Technology

When addressing the climate issues supposedly associated with cryptocurrencies, Buterin stated that Ethereum will cut its energy usage by between 1,000x and 10,000x as it moves from proof-of-work to proof-of-stake mechanism.

However, he added that climate concerns about Bitcoin are definitely real. “The resource consumption is definitely huge. It’s not the sort of thing that’s going to break the world by itself, but it’s definitely a significant downside,” he said.

According to Buterin, soon there will be more calls within the Bitcoin community for a change toward better technology — proof-of-stake mechanism, or hybrid. “If Bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind,” he said.

Elon’s Influence is Slipping

Tesla CEO Elon Musk has been trolling Twitter for some time now, shilling for a crippled memecoin while framing Bitcoin eco-dirty. However, the Ethereum co-founder believes he is not going to have this influence forever.

Buterin says Elon is introduced to the crypto space only for the last year and this year, so it is “reasonable to expect a bit of craziness.” He added, “I do think the markets will learn, and Elon is not going to have this influence forever.”