Vitalik Buterin Sold a Quarter of His ETH Tokens
Traders now have yet another “red flag” in the context of continuing Ethereum’s slump of exchange. Vitalik Buterin, the project’s founder, developer and leader, has sold a quarter of his ETH tokens in order to diversify his portfolio.
ETH/BTC Poloniex Graph from Cryptowat.ch
According to Reddit, the news first popped up in Buterin’s interview on podcast Crypto After Dark. Shortly afterwards, it was confirmed in a discussion. Buterin told the community members:
In response to criticism, Buterin said he doesn’t share religious fanaticism about Ethereum, which he had always been stressing publicly. In his opinion, there always is a chance that the project would eventually fail. However, if it succeeds, Ethereum will change the world, and that is why Buterin and other developers continue working on the project. Buterin also quoted Gavin Andresen’s statement concerning Bitcoin:
“I still say that it’s an experiment, and the whole thing could implode.”
Andreas Antonopoulos came out for Buterin in his tweet:
@TuurDemeester As Vitalik said he should not apologize for sound financial planning. Diversification, especially at his age, is a smart move
— Andreas M. Antonopoulos (@aantonop) April 22, 2016
Traders, however, should not consider the move a canary in the coal mine, as Buterin owns only 0.6% of all tokens, so selling 0.2% of ETH could not possibly impact the market in long-term, as better part of owners keep them as a future investment.
Moreover, similar to many other developers, the project’s leader invested the better part of the money in Ethereum startups, which may only improve the cryptocurrency’s long-term position on markets.
As was reported earlier, UK-based startup Ethcore founded by one of Ethereum’s founders Gavin Wood has raised funds from Blockchain Capital and Fenbushi Capital to the tune of $750,000. Germany-based startup Slock.it is engaged in development of so-called Ethereum Computer, which is to provide convenient interface for wide audiences of Ethereum-based products and smart locks. Thus, Ethereum developers do their best to drive their project to mass markets.
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