Ethereum (ETH) will likely overtake Bitcoin (BTC) in the future – Vitalik Buterin

The crypto crash in the past few days has come as a surprise to many investors, but Ethereum founder Vitalik Buterin says he saw it coming.

In an interview with CNN Business, the 27-year old billionaire believes that cryptocurrencies are in a bubble stage, and does not know when the bubble will explode.

Buterin was not spared in the recent crypto bear movement, as he lost a chunk of his wealth when Ethereum (ETH/USD) shed its price. Buterin said,

Investors have lost billions of dollars

The interview was conducted barely 24 hours before the crypto market spiraled downward, causing investors to lose billions in the process. Ethereum dipped by as much as 40% to $1,900, the lowest level it has been since April.

This is massive, considering that Ethereum was trading at roughly $4,400 earlier this month. Buterin reiterated that the crypto industry has witnessed about three of these bubbles. He added that every time the bubble stops, it shows the entire crypto technology has not matured enough to withstand these issues.

Buterin also spoke about Space X and Tesla’s romance with Bitcoin (BTC/USD), which triggered an upsurge in the cryptocurrency for a while. According to him, it’s the first time something like that has been experienced in the crypto, adding that such type of influence doesn’t last for long.

Ethereum could overtake Bitcoin in the future

Buterin also stated that the high power usage of Bitcoin will be the catalyst of its failure to live up to its billing. He also said that such a disadvantage could pave the way for Ethereum to take over as the world's most valuable crypto asset.