Ethereum co-founder Vitalik Buterin has disclosed that he’s no longer a billionaire following the recent market capitulation, which massively crashed the price of Ethereum (ETH), his major investment asset.
The massive crypto crash in recent weeks amid a broad sell-off in traditional markets has wiped billions from the wealth of prominent entrepreneurs within and outside the crypto industry.
On Friday, Buterin confirmed in a tweet that he’s no longer a billionaire.
(btw btw I'm not a billionaire anymore)
— vitalik.eth (@VitalikButerin) May 20, 2022
Buterin, who co-founded Ethereum blockchain in 2014, has seen his Ethereum (ETH) holding crash by over 50% since reaching the $4,800 all-time high in November 2021 when his holding was valued at about $1.5 billion.
Ethereum Was Not a Mistake
Ethereum co-founder also discussed the tradeoffs between open-mindedness and passion in a series of tweets on Friday. While expressing support for the Ethereum blockchain, Buterin sent a strong message to trolls, saying Ethereum was not a mistake.
Vitalik Buterin noted:
“One broader sort-of-contradiction I think about is the open-mindedness vs passion tradeoff. Is it possible to both passionately act on the world based on your current beliefs and be open minded to the possibility that those beliefs are very wrong? How do yall handle this?
“It’s hard. Eventually you make a mistake in your beliefs, and (especially if you are in politics, but some other domains too) correcting that mistake means acknowledging that a previous version of yourself contributed negative value to the world.
“I do notice lots of people just choosing either hyper-loyal commitment to a cause to an extent that prohibits admitting fault beyond a limited range, and lots of other people just resigning themselves to being pure ivory tower scholars.
“(Note to trolls: no, ethereum was not a mistake. Sorry, my viewpoints that PoS > PoW, reaching functionality escape velocity is important, and not-just-currency apps are good are unchanged).”
Launch of Ethereum’s The Merge Likely Coming In August
Speaking at the Ethereum Shanghai Summit, Buterin said Ethereum’s The Merge is on track to play out before it’s delayed by “difficult bomb.”
According to Buterin, if everything goes as planned, the much-anticipated transition to proof of stake (PoS) will happen in August. Howbeit, he pointed out that the launch could be delayed till September or October if potential risks are discovered.
Vitalik Buterin noted, “If everything goes well, the merge will happen in the summer… And I suggest August is the possible date for this to happen. If there are no problems and of course there is always a problem, September is possible and October is possible.”