More On: eth
Over $7 billion has been taken out of Tether, prompting further concerns about the stablecoin's support
The 28-year-old expert in fintech isn't so sure about the future of cryptocurrencies.
In fact, Vitalik Buterin, the person who came up with the second most popular cryptocurrency in the world, is very rich and has a lot of money. "Cryptocurrency itself could become obsolete if it is used in the wrong way," he told Time Magazine.
According to Time, Ethereum has brought thousands of people who didn't have a bank account into the world's financial system, allowing money to move freely across borders and giving entrepreneurs the tools they need to start businesses.
Buterin thinks people are too eager to invest their money in crypto even though there are risks. There are people who see cryptocurrency as a way to get rich quickly. He also didn't like them.
Buterin is worried that the $3 million "digital monkeys" sold by Bored Ape could be used as a form of gambling, and he doesn't like that idea. During the same time, he doesn't seem to like the glitz that new Bitcoin investors put on for the public to see.
He thinks Ethereum will be the starting point for all kinds of social experiments, like a better voting system, urban planning, and a universal basic income, all of which will be tested on Ethereum. Or, to put it another way, Buterin wants his ideas to be used for more than money.
The worst thing for cryptocurrency is that blockchain technology will be controlled by authoritarian governments, which will make it hard for people to use the technology. It's possible that governments could use technology to keep people from dissenting. That's one reason why Buterin wants crypto to stay decentralized.
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