Vitalik Buterin: Bitcoin tends to bubble

After the crash, the crypto space is divided. While Anthony Scaramucci firmly believes in the Bitcoin Bull Run, Vitalik Buterin sees a new bubble.

The crypto space looks back on a crazy week of trading. After the prices of Bitcoin and Co. had to cope with one of the worst slumps in their history, a brilliant catch-up followed. For example, the crypto reserve currency managed to gain 33 percent within one day after a low of 30,000 US dollars. Currently, BTC appears to be consolidating around the 40,000 mark, although smaller breakouts are possible. At press time, Bitcoin is trading at $ 39,724. Even if the worst seems to have been overcome so far, it is still too early to give the all-clear.

Meanwhile, opinions on the latest crash in the crypto space are divided. For example, the Ethereum founder Vitalik Buterin compared with in an exclusive interview CNN Business the current market situation with a bubble:

We’ve had at least three of these big crypto bubbles so far. And often enough the reason the bubbles ended was because an event occurred that made it clear that the technology was not yet mature.

Vitalik Buterin to CNN Business

When this bubble around Bitcoin and Co. will burst, however, is difficult to predict. Compared to the last crypto bubble four years ago, the market has finally developed significantly, with more and more institutional investors entering the crypto space.

It feels like crypto is almost mainstream ripe in a way that it wasn’t 4 years ago. Crypto is no longer just a toy.

Vitalik Buterin to CNN Business

Meanwhile, Ethereum is posting slight losses again after yesterday’s recovery. After the crash, ETH was able to fight its way back to the 3000 mark, but bounced off the resistance and is now at $ 2,707 at the time of going to press.

Anthony Scaramucci believes in Bitcoin Bull Run

Anthony Scaramucci is much more optimistic. The founder of the investment firm Skybridge Capital told the US television station CNBCthat the Bitcoin Bull Run is not over for him yet. More precisely he said:

I still believe the bull market is intact. If you look at the charts for the past 12 years, this process is consistent. In the long run, Bitcoin will come back and benefit from the demand for quality.

Anthony Scaramucci told CNBC

In the interview, the investor also responded to the negative news that Bitcoin had been troubled by in the past few weeks. With regard to the environmental issue surrounding Elon Musk’s statements, his research showed that 40 percent of miners are already using renewable energies. In addition, Bitcoin’s share of CO2 emissions is 0.13 percent compared to global carbon consumption.

On the subject of China, Scaramucci says that the “closed economic system” will make it difficult for the country to accept cryptocurrencies, with the exception of the digital yuan. Bitcoin, on the other hand, is an “absolutely robust network” that reaches over 110 million people, possibly even 1 billion in 2025. In addition, nothing has changed in the fundamental properties of Bitcoin.