Doomsday Scenario for Ethereum from the Famous CEO: That’s Why It Could Crash!

Wintermute CEO Evgeny Gaevoy, one of the leading names in the cryptocurrency market, points to leadership conflicts, not technical inadequacies, as the factor that threatens the future of Ethereum (ETH). This thesis is dividing the crypto community, with heated debates raging especially on the X (formerly Twitter) platform.

Scary scenario about Ethereum

Gaevoy directs his criticisms towards Ethereum co-founder Vitalik Buterin, drawing attention to Buterin’s contradictory aims about capitalism and social justice. Gaevoy predicts that more than Ethereum’s technical problems, the leaders’ adoption of these contrary ideals will lead to the collapse of the project. Gaevoy said in his X post, “If ETH fails in the future, it will not be because ‘Solana is faster’. The reason will be that ETH’s ‘elite’ is still stuck in a great contradiction.” He used the expressions.

Blockchain technology essentially underpins capitalist systems. However, people like Buterin and Hayden Adams, co-founder of the Ethereum-based centralized exchange Uniswap, aim to provide social benefit while trying to eliminate the negative aspects of capitalism. Gaevoy, on the other hand, defends capitalism due to its efficiency and argues that a capitalist and socialist system cannot be built at the same time.

Buterin and Azalea conflict

Gaevoy’s criticisms coincide with Buterin’s criticisms of “meme coins” recently issued by famous names. Buterin emphasized that crypto projects should focus on broader social goals beyond the profit goal. Australian musician Iggy Azalea responded to these criticisms by launching her own chest coin, Mother Iggy (MOTHER). Hayden Adams, who was involved in the discussion, criticized Azalea for responding sarcastically to Buterin’s concerns rather than addressing them constructively. This fueled the debate, prompting some members in the crypto community to take sides.

Some community members argue that Buterin and Adams’ vision does not conflict with capitalist principles, as they are focused on ensuring the long-term sustainability and advancement of the cryptocurrency market. While some people agree with Gaevoy’s views, the other part defends Buterin and Adams. Gaevoy clarified his position following the reactions:

What is really valuable to me is the basic guiding element. If your basic principle is capitalism and you take steps to make it less harmful, I support it. But if your principle is ‘social justice’ and you add capitalism as an additional intention later, I am against it.” He made a statement.