Vitalik Buterin Reviews His Past Crypto Predictions and How He Views Them In 2022

On Jan 2, 2022, The Ethereum co-founder and developer Vitalik Buterin took to Twitter to discuss his predictions and future expectations of the crypto market.

Buterin reviewed his past visions and explained what he thinks about his predictions’ influence on the market in the recently commenced financial year 2022.

Buterin on Crypto Adoption and Regulation

Before Buterin launched his ETH network in 2015, he had publicly announced his bullish predictions on BTC. The Ethereum founder published an article in July 2013, dubbed the ‘Internationality and censorship resistance of BTC.’

The article explained how the premiere cryptocurrency could safeguard the purchasing power of people from countries like China, Africa, Iran, and Argentina.

Buterin toured Argentina last week to check how crypto adoption is going in the country. According to Vitalik, crypto adoption there is high, but Stablecoins are preferable since most businesses use coins like USDT.

He also reflected on his past prediction of the negative impact of BTC regarding regulation. He said BTC would resist regulation since it falls in an undefined legal category.

Buterin also believes that the coin’s decentralization allows it to survive but not thrive in a harsh regulatory environment. He added that for a successful censorship resistance strategy to work, such a project must be technologically robust and have public legitimacy.

Vitalik Reviews His Past Predictions and How They Age In 2022

Commonly, the start of a new year provides the chance to reflect on past events to find the best way forward. While other crypto influencers and stakeholders predict a bullish year, Ether’s founder Vitalik Buterin has revisited some of his previous predictions.

He shared this information on Twitter yesterday, including what he has learned so far and what he thinks about the market.

One of the most impressive attributes of Vitalik Buterin is his openness and speed of accepting when he is wrong. In his thread, he has highlighted many predictions that he made and pointed out that he admits that some were correct while others were wrong. He also accepted that he did not predict everything, and some developments surprised him.

Vitalik highlighted how he was an apologist for the overwhelming power consumption of PoW in 2012. However, he revealed that he was glad to learn about PoS as an alternative in 2013 and fully incorporated the idea in 2014. He tagged this transition as a broader intellectual evolution that makes ETH unique.

Regarding PoS and Sharding, he said that he accepts that he made a wrong timing of when these innovations could be live on ETH’s network.

3. My projections from 2015 of when we will get PoS and sharding. Honestly, these were very wrong and worth laughing at; I'll share a screenshot of one of my presentations from 2015 so everyone can laugh more easily. pic.twitter.com/6tbsmajJyu

— vitalik.eth (@VitalikButerin) January 1, 2022

He revealed that the main reason he missed the timeline was underestimating the complexity of the underlying software development task. He also said that if developers want stablecoins to remain strong amid the collapse of the USD, they must have good governance.

Vitalik also talked about his vision of the Internet of Money. According to him, this innovation should have transaction fees not exceeding 5 cents for every transaction. ETH is experiencing scalability difficulties, but he explained that his DEV team works around the clock to make solutions.

4. Though I 100% stand by my comment that "the internet of money should not cost more than 5 cents per transaction". That was the goal in 2017, and it's still the goal now. It's precisely why we're spending so much time working on scalability.https://t.co/M326MtrlE0

— vitalik.eth (@VitalikButerin) January 1, 2022

Buterin also acknowledged that his whitepaper predicted DeFi but wholly missed seeing the development of NFTs. He also described himself as naive for not considering the social and political hindrances of BTC, but now he has learned a lot.