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Ethereum co-founder Vitalik Buterin advises against Peter McCormack investment strategy

Ethereum co-founder Vitalik Buterin advises against Peter McCormack investment strategy

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  • Vitalik Buterin, the co-founder of the second biggest crypto project in the industry Ethereum has recently advised against a crypto investment style that did the rounds on Twitter.
  • Peter McCormack loaned just over $46,000 in order to purchase the leading cryptocurrency which was a topic of discussion amongst crypto Twitter. 

Vitalik Buterin, the co-founder of the second biggest crypto project in the industry Ethereum, has recently advised against a crypto investment style that did the rounds on Twitter.

A well-known Bitcoin advocate, Peter McCormack loaned just over $46,000 in order to purchase the leading cryptocurrency which was a topic of discussion amongst crypto Twitter. For the most part, they were displeased with his investment choices.

Getting involved in the conversation, the Ethereum co-founder advised users not to follow suit. He went on to explain that he was strongly against the act of buying any form of Ethereum assets with personal loans.

As a result of the cofounder's comments, they were met with extreme criticism from any advocates of the leading crypto coin. From their point of view, they believed that Peter's bitcoin purchase was not as risky as it was being made out to be.

A former engineer at Google, Vijay Boyapati went on to discuss Buterin’s wealth and how it can only be credited to his pre-mining and dumping of Ethereum.

It isn’t unusual for Boyapati to be a critic of Ethereum. On numerous occasions in the past, he has labelled the network and its tokens a scam.

Peter himself responded to the co-founder and even posted a Twitter poll question asking whether DeFi loan users put their loan went and “cryptocurrency buying“ emerged as the champion.

Buterin recalled selling half of his bitcoin stash seven years before the creation of his own project in responding to a comment that highlighted the millionaire status that Buterin allegedly has which protects him from taking financial risks.

He even went on to talk about the financial institution MicroStrategy which issued $550 million in debt to buy bitcoin. As a result, he said:

“Isn’t the MicroStrategy thing just them trying to turn their company into a de-facto bitcoin ETF for regulatory arbitrage purposes?”

For more news on this and other crypto updates, keep it with CryptoDaily!

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