A Crypto Winter Would Be Welcomed by Top Developers, Says Vitalik Buterin

Ethereum cofounder Vitalik Buterin has said many crypto developers wouldn't be unhappy to see a continued slide in the price of digital currencies, as the slump could clear out less-viable projects. From a report: Cryptocurrencies have fallen in recent weeks alongside stocks, as investors grow more cautious about taking risks given persistent rises in inflation, expected interest-rate hikes by the Federal Reserve, and geopolitical tensions. But the prospect of more losses and a bear market -- generally, where prices fall 20% from a recent high -- won't deter some in the crypto world, Buterin told Bloomberg. "The people who are deep into crypto, and especially building things, a lot of them welcome a bear market," he said in an interview published Saturday. [...] On the other hand, falling prices separate the curious from the serious, he argued. That is why a "crypto winter" -- when prices keep crashing and fail to recover for a long time -- could be seen as a positive. "The winters are the time when a lot of those applications fall away, and you can see which projects are actually long-term sustainable, like both in their models and in their teams and their people," the ethereum cofounder said.

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