Following the recent market capitulation, which massively crashed the price of Ethereum (ETH), Vitalik Buterin, co-founder of Ethereum, has revealed that he is no longer a billionaire.
The recent massive crypto crash, which coincided with a broad sell-off in traditional markets, has depleted the fortunes of prominent entrepreneurs both inside and outside the crypto industry.
Buterin confirmed in a tweet on Friday that he is no longer a billionaire.
Buterin, who co-founded the Ethereum blockchain in 2014, has seen his Ethereum (ETH) holdings fall by more than half since reaching an all-time high of $4,800 in November 2021, when his holdings were valued at around $1.5 billion.
Ethereum was not a blunder
On Friday, Ethereum co-founder Vitalik Buterin discussed the tradeoffs between open-mindedness and passion in a series of tweets. Buterin sent a strong message to trolls while expressing support for the Ethereum blockchain, stating that 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).”
Ethereum’s The Merge is expected to launch in August
Buterin stated at the Ethereum Shanghai Summit that Ethereum’s The Merge is on track to take place before being delayed by a “difficult bomb.”
If everything goes as planned, the much-anticipated transition to proof of stake (PoS) will take place in August, according to Buterin. However, he stated that the launch could be postponed until 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.”