Ethereum founder issues warning to gold rush buyers

By Scoop
March 22, 2022 · less than 3 min read

The co-founder of Ethereum, Vitalik Buterin, has warned that the cryptocurrency ecosystem is attracting too many overeager buyers looking to make a quick buck.

A warning from the end

You might expect the co-founder of one of the most popular cryptocurrencies around to talk it up at every opportunity. But in Buterin’s recent interview with Time, he delivered a stark warning, stating that cryptocurrencies were becoming a source of greed.

Regulators have been issuing warnings that many newer buyers of cryptocurrencies were over investing, didn’t fully understand the risks of staking their cash in such a way and weren’t taking efficient enough steps to protect themselves, hence why influential crypto investors such as Buterin are beginning to break their silence.

Better safe than sorry

While cryptocurrencies such as his own were developed to disrupt the political-financial establishment, they have developed a reputation for funding criminal behavior and doing anything but distributing power to under-represented people.

But his clearest warning was for people chasing a quick buck, “The peril is you have these $3 million monkeys and it becomes a different kind of gambling”. The crypto-gambling warning is one shared by financial experts around the world, so it’s a welcome reminder for newcomers to the space to always practice safe investing.

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