Vitalik Buterin Warns Cryptos Could Drop to Near Zero Any Time

Vitalik Buterin took to Twitter to warn his followers about the volatility of cryptocurrencies, saying that "traditional assets" are still the most reliable way to store wealth.

The cryptocurrency market has seen some massive swings over the last few months, but that has not fazed investors, with many storing their entire savings in these alternative monies.

In response to the situation, Ethereum founder Vitalik Buterin has stepped forth to warn that Ether and digital other currencies are probably not the best way to store wealth.

“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet,” he wrote on Twitter.

It also appears that the young developer was previously impersonated on Twitter, judging by the messages that followed.

In one of them, he reminded his followers not to pay any attention to people “asking for or offering money on Twitter,” implying that his profile picture was copied to a false account.

Time that it takes for scammers to copy my new profile picture: 10 minutes.

DON’T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER.
DON’T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER.
DON’T TRUST ANYONE ASKING FOR OR OFFERING MONEY ON TWITTER. https://t.co/wcDAJoh6jD

— Vitalik Buterin (@VitalikButerin) February 18, 2018

A survey by LendEDU published in November last year showed that Millennials were placing more trust in cryptocurrencies than in savings accounts. Out of the 10,000 poll participants, 70% were dissatisfied with the interest rates offered by their banks. The majority said they would rather store their wealth in Bitcoin, volatility and all.

These trends may have inspired Buterin to show some concern about people who invest in Ethereum, leading him to advise his followers against investing any money that they cannot afford to lose.

The phenomenon has reached such proportions that people are willing to go into debt to buy cryptocurrencies.

This trend has prompted major banks in the US and UK to stop allowing credit card purchases for these assets, fearing that such activity could create another debt bubble.

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