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Creator of Ethereum drops out of billionaires list

Creator of Ethereum drops out of billionaires list

Ethereum co-founder Vitalik Buterin tweeted recently that he was no longer a billionaire. At the same time, he firmly believes that Ethereum was not a mistake.

Last year, Vitalik Buterin, the founder of the Ethereum blockchain system, became the world's youngest cryptocurrency billionaire. This year, however, the situation has changed. In May 2022, top digital assets fell sharply in price. The price of Ethereum plunged to $1,800.

As a result, Forbes estimates Buterin's current net worth to be around $850 million. The founder of cryptocurrency recently confirmed that he had lost his billionaire status.

In May 2021, the American Forbes named Buterin the youngest cryptocurrency billionaire in the world. His fortune was estimated at $1.09 billion. However, after the price of Ethereum jumped above $3k for the first time, his fortune also soared.

Currently, the second popular cryptocurrency is trading at $1,963. The digital asset has dropped significantly over the past few weeks and has hit a one-year low. Notably, Ethereum was trading at $3,725 on January 1, 2022. On March 1, the price was only $2,919. Later, in mid-May, the asset fell to $1,800, its lowest level since June 2021.

Bitcoin prices also tumbled precipitously. This month, the cryptocurrency slumped for the first time since 2020, falling by 14% to $27,000. According to Joe DiPasquale, the CEO of BitBull Capital, which manages cryptocurrency hedge funds, Bitcoin's sharp decline was triggered by the current pace of the Fed’s monetary policy tightening. Another reason for Bitcoin's marked decline was the strengthening of the US dollar against other currencies.

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