Vitalik and his father Dmitry (known as Dima) spoke to business media outlet Fortune to discuss the current state of the cryptocurrency market and what to expect once the choppy period is over.
“The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built,” said both father and son explaining how the current downturn has impacted Buterin’s own good fortune.
Earlier this year Vitalik declared he was no longer a billionaire. However, money was never his motivator. Instead, both businessmen would prefer to see further applications of decentralized finance (DeFi) and blockchain outside of finance.
Vitalik is currently focussing on improving the ETH blockchain and the technology that enables it to function. He has also been donating steadily to Ukraine and supporting the Ukraine DAO, which was created to help raise millions for embattled people.
Unfazed by the crypto complications and the market turmoil in the sector, Vitalik is not surprised at the current crisis. “Crypto has had ups before, and it has had downs before, and it will have ups and downs again,” he said.
At a time when Bitcoin (BTC) has already plunged below $20,000, Dima agrees with his son: “Life is cyclical. Markets are cyclical. Crypto is very cyclical. I've been following crypto stuff for over a decade and it's been up and it's been down. It will be up again, it will be down again,” he added.
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