The co-founder of the Ethereum blockchain network, Vitalik Buterin, has become the latest casualty of the crypto bear market. Buterin, 28, stated on Twitter, “I’m not a billionaire anymore.”
Vitalik Buterin’s Net Worth
Vitalik Buterin is believed to have a net worth of 355,000 ETH ($1.5 billion).
The majority of Vitalik’s wealth is invested in his Ethereum project as well as other digital assets such as Shiba Inu. With a tweet in 2018, he exposed the address of his wallet, along with a 2018 balance on the Ethereum blockchain.
In terms of net worth, Vitalik experienced a rollercoaster ride in 2021.
|Date of birth||31 January 1994|
|Net Worth||$1 billion|
ETH was valued at $730.99 at the start of 2021, netting Vitalik $259 million. However, on November 8, 2021, ETH would hit an all-time high of $4,818.08, valuing his ether wallet at $1.71 billion.
Vitalik Buterin, on the other hand, isn’t finished yet. He also possesses large amounts of other popular meme tokens such as 505 billion SHIB, 50 billion AKITA, and 500 billion Dogecoin, valuing his crypto holdings at a whopping $23 billion.
Buterin was nominated on Forbes’ 2016 Fortune 40 under 40 and 2018 Forbes 30 under 30 lists after winning the 2014 World Technology Award.
Further, Buterin founded Ethereum in 2014 and is the owner of a digital wallet that held assets worth $US1.5 billion ($2.1 billion) as recently as November. Since then, the Ethereum token, which is tied to the blockchain, has lost 55 percent of its value.
“The guys that are deep into crypto, and especially developing stuff, a lot of them wished for a down market,” Buterin previously noted.
A sharp drop in digital currency prices, as well as the turbulence surrounding the algorithmic stable coin TerraUSD and its Luna token, have taken a toll on crypto holdings.
According to the Billionaires Index, Changpeng Zhao, the creator of the cryptocurrency exchange Binance, has lost more than $US80 billion this year, or 84 percent of his fortune. In January, he debuted on the wealth index with a net worth of $US96 billion, making him one of the wealthiest people on the planet. Its value has dropped to roughly $US15 billion.
TerraUSD was “a big idea that failed,” according to Michael Novogratz, founder of crypto merchant bank Galaxy.
The coin’s fall, according to Novogratz, a veteran hedge fund trader, was due to a difficult global macro background, and the coin’s collapse undermined trust in the cryptocurrency and decentralized finance space.
Galaxy Digital first invested in Terraform Labs in the fourth quarter of 2020, according to Novogratz. The downward pressure on reserve assets and UST withdrawals, according to Novogratz, caused “a stress scenario akin to a ‘run on the bank.'”
“The reserves were insufficient to save UST from collapsing,” Novogratz wrote. “Everything appears clearer through hindsight.”
Others, like the Winklevoss twins, have stuck to their guns and made long-term investments.
“It’s all about perspective and HODLing for the long game,” Cameron Winklevoss tweeted on May 12, an abbreviation for “hold on for dear life.”
Buterin contributed more than 50 trillion Shiba Inu coins to a Covid-19 relief fund in India last year as the pandemic ravaged the country. At the time, the coins, which are a parody of the dog-themed digital coin Dogecoin, would have been worth more than $US1 billion.
According to reports, Buterin was given more than half of all Shiba Inu tokens by the token’s unknown developer and then used a “burn wallet” to remove the majority of them from circulation.
Buterin’s donation accounted for more than 5% of all Shiba Inu coins in circulation, causing values to fall by nearly 50%.
Buterin also discussed the tradeoffs between “open-mindedness” and “passion” in a second tweet, while expressing support for the blockchain he helped establish.
He wrote, “Note to trolls: no, Ethereum was not a mistake.”