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The founder of Ethereum welcomes another bear market and counts the pros of the price decline!

The founder of Ethereum welcomes another bear market and counts the pros of the price decline!

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Answer The founder of Ethereum welcomes another bear market and counts the pros of the price decline!

The drop in cryptocurrency prices has many analysts and influencers in the crypto arena anticipating events and seeing that the cryptocurrency is on the verge of another bear market.

Among them is Vitalik Buterin, the co-founder of Ethereum, but he chose to look on the bright side.

In his recent interview with Bloomberg, Ethereum co-founder Vitalik Buterin, a Canadian-Russian programmer, said:

Those players in the industry who are already building things up will welcome another bear market.

Lower prices would be able to get rid of the speculative surplus in the crypto space.

According to Buterin’s view, he and other constructive developers and entrepreneurs welcome a bear market because when there are long periods of prices moving upwards in huge amounts as recently, the market tends to invite a lot of speculators with short-term interest, which negatively affects later.

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Buterin also predicts that a lot of current cryptocurrency projects can fail during a brutal bear market, and only sustainable projects will survive.

The cryptocurrency market has suffered a sharp downturn over the past several months, with Bitcoin dropping to $32,000 on January 24th.

Currently the number one cryptocurrency is under severe pressure, and is currently trading at just over $38,000 after temporarily recovering to $45,850 on February 10.

That is, it recorded a decrease of 44.56% from its record high.

Ethereum has fared worse, currently trading 46.06% below its recent record peak.

Buterin’s words and statements align with recent comments made by Tim O’Reilly, who is believed to have coined the term “Web 2.0.”

O’Reilly compared the current state of the cryptocurrency market to the dotcom madness of the late 1990s, claiming that Web 3.0 would not be able to emerge until after the crypto market crashed into another bear market.

O’Reilly bemoans the massive and exaggerated valuations he has in the cryptocurrency industry, which he believes are reminiscent of the dotcom bubble era.

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