Buterin Bets Big Against AI-Driven Bitcoin Crash
Ethereum co-founder Vitalik Buterin recently took to Twitter to respond to angel investor Liron Shapira's claim that artificial intelligence will cut Bitcoin's price in half within two years. Shapira stated he had a 50% confidence level in his prediction.
Buterin disagreed, saying the risk of an AI breach is 'tiny' and that Bitcoin can patch any issues not requiring social consensus. He noted that upgrading clients and mining pools to handle network-layer hacks would be sufficient, and the probability of actual breaks on hashes or proof-of-work is minimal.
In a surprising move, Buterin revealed that he has roughly 90% of his net worth riding against Shapira's prediction, implying that he believes Ethereum (ETH) will also be affected if AI breaks Bitcoin's security. He stated 'I assume you believe the same re ETH', indicating that he sees the potential impact as not limited to just Bitcoin.
Bitcoin currently trades near $80,000 after hitting a three-month high of $82,239 last week. The price is still above an $80,335 to $82,239 resistance band over the weekend. Whales have not positioned themselves for a crash, as wallets holding 100 BTC or more added about 60,000 BTC in August.