Vitalik Buterin, one of the creators of Ethereum (ETH), the world’s largest smart contracts platform, has recently showcased his positivity about the progress of the blockchain amid the overwhelming negative trends in the market.
During a recent interview with Fortune, Vitalik pointed out that crypto has had ups and downs over the last decade. Although its downtimes have been devastating, they have often been periods for the most meaningful projects to build.
Vitalik Buterin noted:
“Crypto has had ups before, and it has had downs before, and it will have ups and downs again. The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built.”
Ethereum Will Continue to Thrive
It can be recalled that the price of Ethereum plunged below $1,000 recently. Although it currently trades at around $1,100, it’s down about 75% from its price all-time high of $4,847.
However, Vitalik believes that the market condition cannot negatively affect the advancement of the Ethereum blockchain. He stated that the leading blockchain platform will keep maturing in order to meet the desires of millions of people in the crypto ecosystem over the next 10 years.
As quoted by Fortune, he said Ethereum ecosystem “will continue becoming a more mature and successful blockchain ecosystem that is ready to meet the hopes and dreams that millions of people have for the crypto space over the next decade.”
Read Also: Vitalik Buterin: I Don’t Expect Crypto to Take Over The World and Replace Traditional Currencies
The Good in the Crypto Space Outweighs the Bad
A lot were seen in the crypto space between the month of May and June 2022. From the crash of Terra blockchain to Celsius pausing withdrawals, which sparked rumors of bankruptcy. Soon after these two devastating incidents, the Three Arrows Capital fiasco also emerged, giving the crypto pessimist the reason to doubt the future of the emerging industry.
Despite all these unfavorable events over the past weeks, Ethereum co-founder is still of the opinion that the good in the crypto space outweighs the bad.
Speaking about this with Fortune, Vitalik Buterin said, “I think the loudest applications of crypto are, in reality, far from the most common ones. There are definitely people trading $3 million monkeys. There’s definitely things getting hacked for $20 million once in a while. All of that stuff is real.
“But the more common stuff that I think crypto does is not that… just stuff like random people around the world who are now finding it easier to just move money internationally and have businesses that collaborate across borders or store their savings and so forth. People who do them do them quietly, but it’s also very real.”