At a recent conference in Singapore, Vitalik Buterin, co-founder of Ethereum ETH/USD, shared his hopeful view on the future of cryptocurrencies despite industry struggles.
Key Points: Buterin addressed the “baptisms of fire” the crypto sector has faced, which revealed its flaws and prompted improvements, according to an interview with Nikkei Asia.
He mentioned the collapse of FTX as a key example of the risks of centralized platforms. The downfall showed weaknesses in centralized exchanges, indicating a need for better security measures like multi-signature wallets.
Alongside FTX, failures of major entities like Three Arrows Capital and Voyager Digital also shook the market.
“Crypto has faced many challenges,” Buterin noted. “Now, decentralized exchanges are widely used, which is a significant improvement, but progress takes time.”
Market Context: The cryptocurrency market is reviving, with leading coins like Bitcoin BTC/USD and Ethereum increasing in value. Bitcoin recently surpassed $69,000, while Ethereum peaked at $2,750, raising hopes for new record highs.
Furthermore, Standard Chartered predicts that Bitcoin, Ethereum, and Solana could see significant value increases by 2025, regardless of U.S. political climate, echoing Buterin’s positive outlook for crypto.
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