Ethereum Boss Believes Bitcoin's Value Will Be Left Behind

Vitalik Buterin predicts the future of Bitcoin (Coindesk)

JAKARTA – Vitalik Buterin as the founder of Etherum assesses that Bitcoin will be left far behind altcoins if it does not develop its technology. Because the debate over bitcoin mining energy consumption is increasing.

Buterin added that Bitcoin should develop its technology if it does not want to be left behind. Buterin told CNN International on Tuesday, May 18.

This is likely to reduce market confidence in the cryptocurrency's prima donna. Buterin revealed that there have been three crypto bubbles that may have ended this month or will only end in the next month.

According to a Cointelegraph report, the 27-year-old did not elaborate further on whether the crash in recent days that forced Bitcoin to freefall to the price of USD 30.000 was an indicator of the end of the cryptocurrency bubble.

"Often, the reason bubbles end up stalled is because of a number of events that explain that the technology is not there yet", Buterin said.

One of the causes of the shake-up in the price of Bitcoin was Elon Musk's announcement to stop buying Tesla with Bitcoin. Musk himself is concerned about the use of energy in bitcoin transactions and mining that is claimed to be unfriendly.

Vitalik Buterin justifies that view. In fact, Buterin is also concerned about the impact of Bitcoin's Proof of Work (PoW) mining energy consumption.

"Resource consumption is really great. It's not something that's going to destroy the world with its twists, but it's definitely a significant loss", he said.

Currently, Ethereum is also in the process of moving from PoW to PoS or Proof of Stake using the upcoming transition to Etherum 2.0. This move will significantly reduce Ethereum energy consumption by up to 90 percent more efficiently than before.

"We went from consuming energy equivalent to (energy consumption) half (size) of the country to (consumption) of village equivalent energy".

He stressed that if energy consumption in Bitcoin mining activities and the use of high-power computer hardware increases, this will further encourage them to switch to PoS or hybrid.

"If Bitcoin survives its current technology, there is a big risk (Bitcoin) will be left behind".

The Ethereum founder also responded to Musk's influence on the crypto world. Buterin took a reasonable view of musk's actions and added that the Tesla boss's influence would not last forever.

"I think it's reasonable to expect a bit of madness. The market will learn, Elon won't have this influence forever".