One of the founders of Ethereum will stop investing in cryptocurrencies: What is the reason?

Anthony Di Iorio Ethereum

One of the pioneers in adopting Bitcoin said that he “no longer necessarily feels safe in this space.”

Bitcoin is still down.  And I keep blaming China for it. Last month, the Asian powerhouse banned Bitcoin mining in some inland provinces. It came at a bad time. After promoting  Bitcoin and  Dogecoin as the best after the dollar and the euroElon Musk said that Bitcoin was bad for the environment and that he no longer accepted Bitcoin as payment for his Teslas. Sunk Bitcoin. Alt-sunken coins. People blamed Musk. Mostly it was China’s fault. And is it still?

The Bitcoin (BTC) is routed around US $30,000 for the first time since January and consolidates the downtrend that brings from mid-April when, after reaching a record price of nearly $65,000, collapsed and dragged down all crypto assets.

But the problem is not only with BTC. A certain halo of discouragement reigns in the world of cryptocurrencies. And this time it was not Elon Musk who raised his voice, but an important person in the recent history of digital currencies did.

Anthony Di Lorio

This is Anthony Di Iorio,  one of the eight co-founders of Ethereum and one of the first to adopt bitcoins,  who warned that he is leaving the world of cryptocurrencies.

Di Iorio, who helped fuel ethereum development in 2013 as the project’s financier and was named by Forbes as a cap billionaire in 2018, said he “doesn’t necessarily feel safe in this space” and warned “many times, the cryptocurrency It is not what the world needs ”.

“Crypto is really a small percentage of what the world needs,” Di Iorio told  Bloomberg, adding that he wants to “diversify not to be a type of crypto, but a type that tackles complex problems. I will incorporate crypto when necessary, but many times it is not. “

Meanwhile, the decision to move away from the crypto space was “a good 20%” due to concerns about his personal safety, he told Coindesk. Since 2017, Di Iorio had a security team: someone always traveled or met him wherever he went.

Bitcoin and cryptocurrencies, which have long promised users that they can “be their own bank,” became a target for criminals and thieves as prices climb thousands of percent, causing many of the first adopters to be enormously wealthy.

The relatively anonymous nature of bitcoin and crypto also meant that the police are often unable to recover stolen funds.

Di Iorio is reportedly looking to sell his company Decentral, a Toronto-based software developer and innovation center, to start a philanthropic foundation next year. He is also reportedly involved in a zero-emission vehicle company.

Decentral could be valued at “hundreds of millions,” but Di Iorio ruled out selling the company for cryptocurrency and would rather ditch it for traditional currency or shares in another company.

Over the past year, the price of ethereum has skyrocketed amid an explosion of interest in so-called decentralized finance (DeFi), the idea that many traditional banking services, such as loans and insurance, can be recreated with crypto technology, and thus usually on the Ethereum blockchain.