Crypto Catch: Bitcoin regains US$44k mark; Ethereum cofounder warns of crypto dystopian future

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Crypto Catch: Bitcoin regains US$44k mark; Ethereum cofounder warns of crypto dystopian future

Crypto news, AI
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Highlights

  • Vitalik Buterin, who co-created Ethereum in 2013, told Time Magazine that crypto has the potential to cause great harm if implemented incorrectly.
  • Buterin said his concern is that luxury NFTs are an indication of increased greed, excess and speculation.
  • In Bitcoin News, the premier token jumped 3.27% in the last 24 hours to hit US$44,175

One of the leading figures in the crypto industry has warned of a dystopian future if the technology is handled incorrectly.

Vitalik Buterin, who co-created Ethereum in 2013, told Time Magazine that crypto has the potential to cause great harm if implemented incorrectly.

Buterin referred specifically to non-fungible tokens (NFTs) including the Bored Ape Yacht Club, which is a collection of 10,000 unique NFTs, representing ape-like humanoid creatures.

Bored Apes are a coveted status symbol for the very rich, including athletes and celebrities. These NFTs can sometimes go for millions of dollars

Last week these NFTs gave rise to its own native token - ApeCoin, which has since seen astonishing gains.

Buterin said his concern is that these luxury NFTs are an indication of increased greed, excess and speculation.

Buterin said he would instead prefer blockchain projects to be used for more noble causes like urban planning, voting systems, and universal basic income.

Bitcoin News

In Bitcoin News, the premier token jumped 3.27% in the last 24 hours to hit US$44,175.

However, despite today’s upturn, Senior Bloomberg strategist Mike McGlone believes the world’s largest crypto could crash before hitting a six-figure price in the coming months.

McGlone says that Bitcoin is likely to fall to US$30,000 before it then shoots to US$100,000, a gain of 230%.

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Data Source: CoinMarketCap.com, based on top 100 cryptos.

Note: Growth from the 24 hours prior to 12:30pm AEDT

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