Vitalik Buterin says that Ethereum could possibly flip Bitcoin while warning of a crypto bubble
Ethereum co-founder Vitalik Buterin told CNN Thursday that there is “a big risk” of Bitcoin being left behind if its technology does not evolve from where it is today:
If Bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind.
In addition, he predicted that there is a chance of Ethereum surpassing the market cap of Bitcoin, fueling the flippening narrative.
Climate concerns are real
The youngest cryptocurrency billionaire said that concerns surrounding the power-hungry proof of work (PoW) algorithm 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.
Ethereum is expected to reduce its power consumption by an estimated 99.95 percent after transitioning to the proof of stake (PoS) consensus algorithm.
Crypto is in a bubble
Hot on the heels of the Wednesday market meltdown, Buterin stated that crypto is “definitely” in a bubble but he could not predict when it would end:
It could have ended already. It could end months from now.
Canine meme coins have become the embodiment of the current bubble, but Buterin does not want a piece of the action.
After burning $6.7 billion worth of Shiba Inu (SHIB) tokens, the 27-year-old Russian-Canadian programmer reiterated his request not to send him any tokens without his consent:
First of all, I don’t really know or understand many of these projects well. So, I can’t endorse them.