Ethereum co-creator Vitalik Buterin says there's no malevolent intent behind Elon Musk's support for dogecoin
Elon Musk's influence over the crypto market won't last forever, Vitalik Buterinsaid.
- He doesn't think the Tesla billionaire's support for
dogecoinhas any disagreeable purpose.
- Ether's nosedive this week means Buterin may have lost his crypto billionaire status.
Vitalik Buterin, the 27-year-old co-creator of
"Elon Musk tweeting is something that the crypto space has only been introduced to for the first time literally last year and this year," Buterin said. "I think it's reasonable to expect a bit of craziness. But I do think that the
Musk has turned the spotlight on dogecoin after hinting that the meme-inspired cryptocurrency could be used to make payments towards Tesla. On Thursday, he tweeted "how much is that Doge in the window?" along with an image of what appeared to look like a one-dollar bill with the meme-famous Shiba Inu dog.
"The fact that he is a 100-plus billionaire, and he runs Tesla and SpaceX and all these things doesn't change the fact that ultimately he's a human - and humans get excited about dog coins. That's just a thing that humans get excited about," Buterin told CNN. "I don't think that Elon has a kind of malevolent intent in any of this."
Read More: 7 crypto heavyweights told us what's behind the sudden sell-off that erased over $400 billion from the market in just 24 hours - and whether now is the time to 'buy the dip'
The crypto market plummeted this week after Tesla halted
Ether's decline to around $2,708 per coin means Buterin may have lost his status as the youngest crypto billionaire for now. His Ether address, which he disclosed on Twitter in 2018, showed a balance of about $888 million as of Friday, down from around $1.1 billion on Wednesday.
But he isn't fazed by the dramatic sell-off, and even acknowledged the market could be in a bubble. According to the entrepreneur, it's "notoriously hard to predict" when bubbles could burst. "It could have ended already," he said. "It could end months from now."
On bitcoin's energy concerns, Buterin said resource consumption is 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 thinks the crypto community will call for a transition to a less energy-intensive technology, or expects bitcoin to get left behind if it sticks to the way it's currently produced.
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