Ethereum co-founder Vitalik Buterin says he can no longer call himself a billionaire. Crypto crash must have hit him pretty hard.
As crypto market was crashing, Bitcoin suffered corrections, Terra and Luna crashed epically, and altcoins dipped substantially, some of the people have lost a bunch of money.
And not only those poor lads who invested all they’d got with Do Kwon and his Terra/LUNA adventure.
Vitalik Buterin, co-founder of the Ethereum blockchain platform, is the latest casualty in the dramatic collapse of crypto fortunes.
“I’m not a billionaire anymore,” Vitalik Buterin, 28, wrote Friday in a Twitter post, Bloomberg quotes.
Vitalik Buterin is no longer a billionaire
Buterin created Ethereum in 2014. He is now the owner of a digital wallet that as recently as November contained holdings worth about $1.5 billion. Since then, the price of the Ether token that’s associated with the blockchain has fallen by 55%.
That’s how Vitalik Buterin has lost his billionaire title.
Crypto holdings have been pummeled by a steep drop in prices of digital currencies.
Some people suffered a lot.
Changpeng Zhao, founder of the crypto exchange Binance, has seen more than $80 billion — or 84% of his wealth — evaporate this year, according to the Bloomberg Billionaires Index.
Some ultra-wealthy crypto backers have professed humility amid the upheaval. Michael Novogratz, founder of crypto merchant bank Galaxy Inc., acknowledged that Terra (UST) was a big idea that failed.
Others, including the Winklevoss twins, have insisted that their investments are long-term.
It’s all about perspective and HODLing for the long game, Cameron Winklevoss tweeted recently.
As the pandemic raged through India last year, Buterin donated more than 50 trillion Shiba Inu coins to a Covid-19 relief fund in that country.
The coins, which are a meta joke about the dog-themed digital coin Dogecoin, would have been worth more than $1 billion at the time.
Buterin’s donation represented more than 5% of the total Shiba Inu coins in circulation. It sent prices tumbling about 50%.
In a separate tweet Friday, Buterin talked about the tradeoffs between “open-mindedness” and “passion,” while expressing support for the blockchain he helped create.
“Note to trolls: no, Ethereum was not a mistake,” he wrote. So Vitalik Buterin might not be a billionaire anymore, but he still believes in what he does. That deserves some respect.