Ethereum Founder Says Cryptocurrencies Could Drop to "Near-Zero"
Being in the cyptocurrency business does not mean that you have to have full faith in digital currencies. In fact, the founder of Ethereum, Vitalik Buterin, has claimed that cryptocurrencies "could drop to near-zero at any time."
The founder of Ethereum says traditional assets are still the best to store value
So, Buterin issued a warning regarding cryptocurrencies. He claimed that because of their volatility, digital currencies could fall at any time. The claims were made by Buterin in a Twitter post. The post said:
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”
The fact that the value of several cryptocurrencies has fluctuated a lot is no secret. However, it seems that their lack of stability is the reason why Buterin has advised people against storing value in cryptocurrencies. Currently, the price of bitcoin for instance is over $11,000, but earlier this month it dropped below $6,000.
However, this is not the only thing that Buterin had to warn about. The founder of Ethereum also warned his Twitter followers about the risks of becoming victims to Twitter crypto scammers. Some scammers have impersonated Buterin on the social media platform and promoted some questionable cryptocurrency offers.
Buterin claimed that social media users should not trust people who offer cryptocurrencies on Twitter. He said:
Time that it takes for scammers to copy my new profile picture: 10 minutes.
— Vitalik Buterin (@VitalikButerin) February 18, 2018
DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER.
DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER.
DON'T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. https://t.co/wcDAJoh6jD
