Ethereum co-creator Vitalik Buterin is now the world’s youngest crypto billionaire amid ether’s 350% year-to-date surge

vitalik Buterin ethereum

The 27-year-old co-creator of Ethereum, Vitalik Buterin, is now the world’s youngest crypto billionaire after a 350% year-to-date surge in the price of his cryptocurrency.

Buterin’s Ether address, which he disclosed on Twitter in 2018, currently holds 333,521 ETH, worth some $1,125,299,854 as of 8:19 a.m. ET on Wednesday when Ether’s price was $3374.90.

Ethereum’s market cap is nearing $400 billion after a historic run for the second most popular cryptocurrency, which saw it reach heights of over $3,500 per coin before paring gains.

Changpeng Zhao, the CEO of the largest cryptocurrency exchange in the world, Binance, told Forbes there were several factors driving Ether’s meteoric run.

First, the rise of DeFi or, decentralized finance, is pushing more users into assets not held or distributed by central banks generally.

Second, user demand for ether to buy digital assets like non-fungible tokens (NFTs) could be driving prices higher.

“All of these use cases are moving right now, and people need the other coins to do this type of new transaction,” Zhao said. “Ethereum is one of those clear examples. That’s probably why Ether is going up.”

Ark Invest analysts also laid out three reasons why ether is set to continue its bull run in a note to clients on Monday.

The analysts said a rise in institutional investment, strong “on-chain signals” of increasing ETH use, and “imminent protocol upgrades” are set to buoy the coin moving forward.

EX-Ark Invest analyst James Wang even laid out a case for ether to hit $40,000 per coin in a recent interview.

If the cryptocurrency does rise to those previously unimaginable heights, ether’s co-founder Vitalik Buterin would be worth an incredible $13,340,840,000.

Read more: Ex-Ark analyst James Wang breaks down his bull case for Ethereum as its token breaches an all-time high of $3,300 – and explains why it could eventually reach $40,000

Buterin was born in Kolomna, Russia, in 1994 and later moved to Canada with his family, growing up in Toronto. He then briefly attended the University of Waterloo before dropping out after being awarded $100,000 from the Thiel Fellowship.

The Russian-Canadian Buterin then put all his efforts into Ethereum before revealing the cryptocurrency in a whitepaper in 2013.

The Ethereum initial coin offering (ICO) was the second public coin offering ever when it took place in 2014.

If you had bought 100 ETH at the time, it would have cost around $30. That 100 ETH would be worth $337,490 today.

Lately, Buterin has taken to sharing in the success of his cryptocurrency. The ETH founder recently donated roughly $600,000 in ether and maker tokens to a COVID-19 relief fund for India.

Buterin adds his name to a growing list of crypto billionaires including the Winklevoss twins and Sam Bankman-Fried.

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Why ether’s 349% rally this year is less hype-driven than previous bull cycles, according to one crypto researcher

Vitalik Buterin
Founder of Ethereum Vitalik Buterin during TechCrunch Disrupt London 2015

  • Ether hit a new all-time high above $3,100 on Monday.
  • Coindesk’s Noelle Acheson said the rally appears to be less-frothy and driven by more fundamental reasons.
  • Anticipation of a network upgrade and a better understanding of Ethereum’s role in decentralized finance is propelling the latest rally, she said.
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Ether’s current rally is less hype-driven and based more on fundamentals than in previous cycles as investors begin to understand Ethereum’s role in decentralized finance, according to Coindesk’s managing director of research Noelle Acheson.

The cryptocurrency built on top of the open source Ethereum blockchain hit a new all-time high above $3,100 Monday morning in its ninth straight day of gains.

That takes its year-to-date gains to more than 300%, far exceeding bitcoin’s 95% rise in 2021.

While Acheson said part of the price movement upward is likely driven by investors eyeing the round number of $3,000 and jumping in, it’s nothing like the momentum trading Ether saw from retail investors in 2017 during its last bull cycle.

“This time around there seem to be more professional investors involved…and the retail market is better informed about crypto more broadly,” Acheson told Insider.

When Ether reached $1,000 in 2017, just two years after the coin began trading publicly, it was very “inflated” given the fact that Ethereum network didn’t have that many applications built on top of it, she said.

“Now, Ethereum is powering decentralized finance, it’s powering stablecoins, it’s powering part of the NFT universe,” Acheson added, saying that the potential of the Ethereum network is better understood than four years ago.

Decentralized finance refers to a class of new applications that aim to replace traditional financial products – like lending and borrowing, trading, saving, derivatives, and options – through the use of decentralized tech, rather than relying on a company or bank. Ethereum was made for these “DeFi” applications to be built on top of the Ethereum blockchain.

Ether’s price is also going higher as investors prepare for the Ethereum network to undergo a massive upgrade to “Ethereum 2.0” that will improve the network and make it more scalable, Acheson said.

Though she emphasized that this upgrade and further institutional adoption doesn’t guarantee that the price of Ether will continue to go up.

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XRP soars 28% as Ripple executives motion to dismiss SEC suit

Ripple Sign December 2020.JPG

Ripple Labs’ XRP token reached its highest point in over three years Tuesday morning after the cryptocurrency company executives filed a motion to dismiss the US Securities and Exchange Commission’s lawsuit against themselves and the company.

XRP gained 28% to reach a 24-hour high of $1.73 Tuesday. Earlier this month, XRP topped $1 for the first time since 2018 on the back of a broader rally in the crypto space. XRP’s price moves now make it the world’s fourth largest cryptocurrency by market capitalization.

Legal filings from April 12 show that CEO Brad Garlinghouse and chairman Chris Larsen filed a motion to dismiss the SEC’s lawsuit against them permanently. If granted, it would end the lawsuit against them.

The SEC lawsuit filed in December accused Ripple of effectively running a $1.3 billion unregistered securities offering with its sales of XRP, which the regulator deemed a security and not a cryptocurrency.

The motion to dismiss comes after two small victories for Ripple last week, when the court denied the SEC’s request for eight years of financial data belonging to Garlinghouse and Larsen, and rejected the subpoenas served by the SEC on a number of firms that had sought to obtain the executives’ financial records.

XRP isn’t the only cryptocurrency on a tear today. Bitcoin and Ether reached new all-time highs Tuesday morning ahead of Coinbase’s direct listing later this week.

Read more: A 29-year-old self-made billionaire breaks down how he achieved daily returns of 10% on million-dollar crypto trades, and shares how to find the best opportunities

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