Vitalik Buterin, the co-founder of Ethereum, admits he was mistaken about Bitcoin Cash.
In a lengthy Twitter thread examining past predictions, Ethereum co-founder Vitalik Buterin confessed that Bitcoin Cash was “largely a failure.
Buterin says in one of his tweets that Bitcoin’s main fork was focused on becoming a protest movement built from a rebellious mindset, leaving it without a coherent path ahead.
Because of its greater block size, Bitcoin Cash was launched in August 2017 as an alternative to the world’s first cryptocurrency capable of supporting increased transaction volume and cheaper fees.
After Bitcoin Cash achieved initial success and surpassed Ethereum in terms of market capitalization in mid-November 2017, Buterin stated that the contested fork had become a “genuine rival” for the Bitcoin name.
By 2022, Bitcoin Cash has fallen to 25th place in terms of market capitalisation. Since its high in November 2017, it has fallen by 98 percent against Bitcoin.
Buterin also went over some of his previous forecasts, some of which he made about a decade ago.
In light of Ethereum’s scalability challenges, the 27-year-old Canadian-Russian programmer responded to his controversial comment in 2017 about Bitcoin’s high fees by declaring he still remains by their side.
Buterin also stated that his first proof-of-stake and partitioning track records were ludicrously incorrect.