As a long-time crypto investor, I’ve seen my fair share of controversies and debates within the community. The recent back-and-forth between Andrew Howard and Vitalik Buterin over Ethereum’s past price dump is no exception. While I understand Howard’s frustration with Buterin selling a significant amount of ETH at its peak, I also recognize that Buterin created an enormous value with Ethereum, which has since grown into a multi-billion dollar ecosystem.
Andrew Howard, Chief Business Officer at Jan3, led by Samson Mow, has released a rebuke towards Ethereum founder Vitalik Buterin over his sale of approximately $100 million in ETH during the cryptocurrency’s peak price value, six years ago.
Some prominent members of the Bitcoin community, including Erik Voorhees who holds a significant position within it, have come forward in support of Buterin against criticisms from Howard.
Howard jabs Buterin, Erik Voorhees defends Buterin
As an analyst, I’d rephrase it this way: In a recent tweet, Andrew Howard brought up Vitalik Buterin’s past admission of selling off 70,000 Ether tokens back in 2018 when Ethereum hit its all-time high price of $1,119.
With that price tag, Buterin’s Ethereum sales amounted to a substantial $95.5 million. Howard drew attention to this by criticizing Buterin for “unloading it onto Ethereum investors.” He further highlighted the contrast between Buterin and Bitcoin’s enigmatic creator Satoshi Nakamoto, emphasizing that “Satoshi has never sold a single Bitcoin.”
Kid creates $400b with investment of $18m and maxis mad that he profited 0.025%
— Erik Voorhees (@ErikVoorhees) May 25, 2024
As a dedicated Bitcoin investor and the CEO of ShapeShift exchange, I’d like to weigh in on the recent backlash towards Vitalik Buterin. It’s important to remember that this Ethereum co-founder brought about an astounding $400 billion value with just an initial investment of $18 million. Now some Bitcoin maximalists are expressing their discontent, seemingly upset that they didn’t profit even a mere 0.025% of the value Buterin generated.
Crypto community engages in heated debate
In the online conversation about Howard’s tweet, members of the cryptocurrency community became heated. Some labeled Ethereum as centralized, alleging that Buterin has sole authority over the entire ETH supply. Others argued that Ethereum should be classified as an unregistered security.
One individual who uses X had the belief that it’s uncertain if Satoshi Nakamoto ever sold any of his Bitcoins and pocketed a profit instead.
Ethereum ETFs green-lit by SEC
This week, the United States Securities and Exchange Commission gave its green light to various proposed Ethereum spot exchange-traded funds based on filings made at the beginning of the year.
BlackRock, VanEck, Grayscale, and Ark Invest are some of the Wall Street firms that have applied for Ethereum Exchange-Traded Funds (ETFs). Notably, these same companies were successful in securing approval for Bitcoin ETFs in mid-January. Consequently, they have now turned their focus to creating Ethereum-based products.
The SEC’s unexpectedly swift approval of these products took many experts by surprise, as they had anticipated longer deliberation periods. Before the announcement, some investment funds had made adjustments to their filings, eliminating Ethereum staking, following lawsuits against Coinbase and Kraken for launching crypto staking services by the SEC.
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2024-05-25 14:59