Etherium co-founder says he is no longer a billionaire

“I’m no longer a billionaire,” Buterin, 28, wrote in a Twitter post on Friday.

Buterin created Ethereum in 2014 and owns a digital wallet that recently held holdings worth about $ 1.5 billion in November. Since then, the price of ether tokens associated with blockchain has dropped by 55%.

Buterin had previously suggested that he would welcome lower prices for digital coins, telling Bloomberg News in February: “Many of those who are deeply involved in crypto and especially make things welcome the bear market.”

Crypto holdings have been plagued by sharp declines in digital currency prices and turmoil surrounding the algorithmic stablecoin TerraUSD and its Luna Token. According to the Bloomberg Billionaires Index, Champeng Zhao, founder of Crypto Exchange Binance, has seen $ 80 billion – or 84% of its assets – evaporate this year.

Proponents of her case have been working to make the actual transcript of this statement available online. Michael Novogratz, founder of crypto merchant bank Galaxy Inc., admits that TerraUSD was “a big idea that failed.” Others, including the Winkleaves twins, have insisted their investment is long-term.

“It’s all about the vision for long play and HODLing,” Cameron Winklevs tweeted on May 12, using the acronym “Hold On for Favorite Life.”

With the outbreak of the epidemic in India last year, Buterin donated 50 trillion Shiva Inu coins to a Covid-19 relief fund in that country. Coins, a meta-joke about dog-themed digital currency Dogecoin, were worth more than $ 1 billion at the time.

Buterin donations represent more than 5% of the total Shiva Inu coins in circulation and the price is reduced by about 50%.

In a separate tweet on Friday, Buterin spoke of the tradeoff between “free-spirited” and “passionate” and expressed support for helping to create the blockchain.

“Note to trolls: No, Etherium was not a mistake,” he wrote.

© 2022 Bloomberg LP

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