Like Elon Musk, Ethereum co-founder Vitalik Buterin was on the cover of TIME magazine and made history. Buterin’s landmark statements came from an 80-minute interview with Time. While expressing his concerns about the future of the cryptocurrency market, Buterin claimed that an altcoin industry is a “gambling”.
Vitalik Buterin worries about the future of these altcoin projects
The growth of the cryptocurrency industry over the years has brought its own opportunities and challenges. Vitalik Buterin, co-founder of Ethereum, is among the crypto experts who have expressed concerns about the future of the industry. Buterin answered questions along with his father, Dimitri Buterin, in an 80-minute interview with TIME today. While sharing little-known aspects of Dimitri Buterin’s son’s character and lifestyle, Vitalik Buterin called monkey NFTs “a gamble”.
“Monkey NFTs are a new form of gambling”
Buterin said in an 80-minute interview with TIME that projects need to give up some of their potential, implying that monkey NFTs (Ex: Bored Ape, Monkey Kingdom) are like gambling:
Cryptocurrencies, if mismanaged can be dangerous entities. I’m worried about over-enthusiastic investors, rising transaction costs, and brash crypto-focused displays of wealth. The $3 million monkey NFTs you have could be seen as a new form of gambling.
Later in the interview, Buterin, regarding the Russia-Ukraine war, argued that the sole purpose of cryptocurrencies is not to “play with monkeys”:
The purpose of cryptocurrencies is not just to play with million-dollar monkeys. we can see. We realized that this has certain implications and can be used in real-life situations.
Vitalik Buterin criticizes the BAYC team
ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. As we quoted as Kriptokoin.com, it was listed on almost all major exchanges including Binance, Coinbase, Huobi, Kraken, OKX, Bybit, FTX and Gate.io and created a huge wave of hype.
Criticizing the team behind the Bored Ape Yacht Club (BAYC), Buterin says that NFT projects launched on Ethereum are a different form of gambling. According to Buterin, “these $3 million monkeys” have enriched a handful of people who continue to flaunt their luxurious lifestyles and give the cryptocurrency industry a bad name.
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