Following Ethereum’s recent surge, Vitalik Buterin becomes a billionaire. Buterin’s public Ether address, which he described as his primary wallet in 2018, has reached $ 1 billion in balance following Ether’s meteoric rise above the $ 3,000 mark on Monday.
According to some participants in the cryptocurrency network, 27-year-old Vitalik Buterin may now be the youngest self-made billionaire in the cryptocurrency industry.
Amid rising prices, Vitalik Buterin has been generous with his crypto holdings. At the end of April, the Russian-Canadian programmer donated 100 Ether and 100 Maker (MKR) tokens. To a COVID-19 relief fund for India.
With the recent rise of Ethereum, the cryptocurrency manages to be bigger than Bank of America
As we mentioned earlier, the price of ETH has today surpassed the psychologically significant mark of $ 3,000 per token. The price of ETH reached the milestone on several major exchanges, including Binance, Bybit, Coinbase, and BitMEX.
The surge has helped Ethereum outperform institutions like: The Walt Disney Company and Bank of America in terms of total market capitalization. The largest smart contract company in the world has grown 24% in the week to reach USD 346.72 million. According to the tracking website Infinite Marketcap.
By comparison, Bitcoin currently has a market capitalization of $ 1.079 trillion. Just below the total market capitalization of the precious metal silver of $ 1.416 trillion. And above the social media company Facebook, of USD 923.120 million.
What gives Ethereum value?
The Ethereum blockchain has been touted as the potential Internet backbone of the future. But unlike the traditional Internet, the Ethereum protocol is much better suited to capturing the value of applications built on it.
There are three main factors driving the growing demand for Ethereum prices: decentralized finance (DeFi), the rise of the NFT market, and the demand for stablecoins. Despite reports of congested networks and high gas fees, the Ethereum blockchain still houses most of the DeFi space and the creation of NFT.
Likewise, the rise of Ethereum is linked to the increase in activity on the chain. Even by institutional entities. Earlier in the week, the European Investment Bank announced that it would issue a two-year digital bond worth $ 121 million in collaboration with banks such as Goldman Sachs.
Retail interest in DeFi has also been on the rise lately. The total locked value has reached astonishing highs above $ 100 billion.
- Mastercard adds a Brazilian Blockchain startup to its accelerator program for payments innovation.
- The accelerator program for fintech startups of the payments giant, Mastercard Start Path, ad this Monday the six companies chosen to join the program.
- Mogo Finance Technology, a Canadian fintech listed on Nasdaq and the Toronto Stock Exchange, announced on Monday the purchase of 146 Ethereum coins.
- For the firm, the recent investment in Ethereum is part of a strategy of “product development and corporate development in cryptocurrencies.” The company recently also made a strategic investment in Coinsquare, a Canada-based digital asset trading platform.