Buterin loses billionaire status in crypto crash

The co-founder and inventor of Ethereum blockchain Vitalik Buterin has admitted that the recent crypto price slump has written off much of his own fortune.

“I am not a billionaire anymore”, the youngest self-made billionaire in the world said in a tweet on Friday.

He acknowledged that cryptocurrencies were undergoing an important rite of passage and expressed no regret over his own fortunes.

Buterin has said many times before that he never wanted to become rich from developing the Ethereum blockchain.

His holdings as of November 2021 were estimated at $1.5bn, but Ether has lost more than 55% of its value since then. This has impacted Buterin’s own fortune negatively.

But he also added that for those who are deeply into crypto, a bear market is nothing to worry about and that they would realistically benefit form this in the long term.

Crypto began plummeting after the debacle caused by TerraUSD and the Luna token. Buterin is not the only billionaire to have been impacted.

According to the Bloomberg Billionaires Index, Binance CEO Changpeng Zhao lost $80bn in total holdings, or roughly 84% of his total holdings.

However, not all are convinced that the TerraUSD fall-from-grace is a positive development. According to Galaxy Inc founder Michael Novogratz, the project simply failed – it was a project that had a strong core idea but failed to deliver on it.

Cameron Winklevoss, one of the Winklevoss twins who are big on crypto, said that “it’s all about perspective” and HODLing for the long-term.

Crypto has been around for a while, and billionaires have been made. Billionaires have also been broken as the recent market swing shows.

If you take crypto as a cool recreational currency, you will find many great places to spend it, including 1xBit, FortuneJack or Bitcasino.io.

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Updated: 05/23/2022 — 21:00