A Russian-Canadian programmer has been officially crowned the world’s youngest crypto billionaire.
Vitalik Buterin, 27, reached billionaire status after digital currency Ethereum soared above a $ 3,000 price level on Monday.
The celebrity crypto guru co-founded Ethereum – the second largest cryptocurrency after Bitcoin – in 2015.
Ethereum has attracted a huge following in the world of decentralized finance, thanks to its faster transaction times compared to Bitcoin’s.
He has 333,000 Ether coins, which are now worth an astonishing $ 1.029 billion.
In 2013, the writer and programmer dropped out of college and later became one of the eight co-founders of Ethereum.
Vitalik Buterin, 27, reached billionaire status after digital currency Ethereum soared above $ 3,000 price level today
At the time of writing, his visionary project has a massive market cap of about $ 350 billion, which is larger than The Bank of America, the country’s second largest bank.
Buterin, who now lives in Singapore, was born in 1994 in a small Russian town called Kolomna, about 100 kilometers from Moscow.
At the age of 4, his family moved to Canada to seek better job opportunities.
They later gave him his first computer. But instead of playing video games like most kids, he developed a fascination with the spreadsheets on Microsoft Excel.
At school, the mathematician whiz kid was a little too smart for his peers. In the third grade he was placed in a program for the gifted.
According to former colleagues, he could add three-digit numbers in his head twice as fast as the average person.
With the blessing of his parents, Vitalik quit the University of Waterloo in 2013 and traveled the world to meet crypto enthusiasts in other countries.
His father, who ran a small software startup, introduced him to bitcoin in 2011.
In an interview with Wired, Buterin said, “I saw anything related to government regulation or corporate control as just plain bad.
‘And I assumed the people in those institutions were a bit like Mr. Burns (in The Simpsons), who sat at their desks and said,’ Excellent. How can I sew a thousand people today? ‘
Vitalik Buterin speaks at the TechCrunch Disrupt 2017 in San Francisco, California
WHAT IS ETHEREUM?
Ethereum is a technology first developed by Vitalik Buterin, a former Bitcoin programmer in 2013.
After Bitcoin, ether (Ethereum’s currency) is the second most valuable form of digital money.
Ethereum uses a decentralized payment network that allows payments to be sent anonymously over the Internet without the intervention of a bank.
Transactions made through Ethereum are stored in a blockchain, where they are visible for everyone on the network to see.
Ethereum has more than quadrupled in value from approximately $ 700 by the start of 2021.
Some analysts have said it could eventually overtake Bitcoin as the dominant currency in the market.
An ether is now worth about $ 3,300.
Buterin, who was 19 years old at the time, came up with Ethereum’s design in a white paper later that year.
The goal was to create a common scripting language to develop blockchain-based applications.
The first Ethereum network was crowdfunded in 2014 and first went live in 2016 with a supply of 72 million Ether coins.
In 2017, false rumors spread online claiming that Vitalik was killed in a car accident.
The breakout of the news, coming from 4Cchan, led to a drop in the value of the Ethereum market cap to about $ 4 billion.
The recent price hike of Ethereum appears to be counteracting criticism of cryptocurrencies’ by Charlie Munger, vice chairman of Warren Buffet’s Berkshire Hathaway, over the weekend.
He said, “I welcome a currency that is so useful to kidnappers and blackmailers and so forth.
“I also don’t like shelling out a few billions and billions of dollars extra to someone who has just invented a new financial product out of the blue. I think I should humbly say that I think the whole damn development is disgusting and contrary to the interests of civilization. ‘
Like Bitcoin, Ethereum operates its own blockchain, an online ledger that tracks the transfer of information or value.
Buterin envisioned a payment network that would allow anonymous payments to be sent over the Internet without the need for a bank.
Firms’ interest in the cryptocurrency sector has increased retail investor confidence in the unregulated sector, including plans by the European Investment Bank to issue a digital bond on the Ethereum blockchain.
Visual representations of digital cryptocurrency Ethereum (ETH) arranged on a hard drive printed circuit board on January 3, 2021 in Katwijk, The Netherlands
Bitcoin’s price soared after Elon Musk recently revealed that an investment he made on behalf of Tesla helped keep the electric carmaker out of the red.
At the time of publication, the world’s largest altcoin is trading at $ 3,144, up 8.6% in the last 24 hours, with a 36% gain in the last seven days, according to data from CoinGecko.
Bitcoin, the world’s largest crypto asset with more than $ 1 trillion in market cap, regained the $ 50,000 mark last week and soared around $ 58,700 Monday, up around 4% but well below its all-time high of $ 64,895.22.
Meanwhile, the price of meme coin Dogecoin continued its upward trajectory starting today, pushing its overall valuation higher than Twitter or Ford’s.
The Ethereum logo (pictured).