Coinspeaker
Vitalik Buterin Issues Crucial Advice to Elon Musk
Ethereum (ETH) co-founder Vitalik Buterin thinks that X owner Elon Musk should redirect his focus into “building a compelling and admirable alternative” to defiance. This subject of defiance probably sprouted from the series of backlashes Musk has received for taking a very vocal and controversial stance on the issue, including cryptocurrencies.
Elon Musk Needs to Tone Down on “Defiance”
The conversation started with Musk asking if he was too defiant. In response to this X post, Buterin acknowledged that having a defiant character is not bad. He went ahead to describe “defiance” as an important virtue. However, he highlighted an equally important virtue the Tesla Inc (NASDAQ: TSLA) CEO needed to pay more attention to.
There is important virtue in defiance.
There is also important virtue in focusing on building a compelling and admirable alternative.
I think it would benefit both your goals for humanity and your happiness to put a few more points into the latter. But I am just one observer.
— vitalik.eth (@VitalikButerin) August 20, 2024
This means focusing on developing an alternative that is compelling and admirable. Vitalik Buterin believes that focusing more energy on this other virtue will go a long way toward benefiting Musk’s goal for humanity. He is confident that, ultimately, it would also make the controversial billionaire happier.
The comment section of this conversation showed that several individuals prefer Elon Musk with a little bit of defiance and not the overbearing capitalist. Some others believed that Musk needed the appropriate amount of rebellion to revolutionize many sectors. The other unconcerned group of readers seized the opportunity to throw jabs at Buterin, asking him to concentrate on improving Ethereum.
The Market Strain with Ethereum
Since the recent crypto market crash, many digital assets, including Ethereum, have struggled to return to their previous levels. Recently, ETH’s price took a major tumble, hitting $2,664 as of August 19, 2024. This marked a 21.30% decline since late July. Experts and analysts think this correction is likely entering its final stages, with key on-chain metrics hinting at a potential recovery.
On August 15, the leading altcoin showed signs of a potential downturn after crossing a crucial resistance level of around $2,843. Its technical analysis and on-chain data showed intense bearish signals. ETH neared its 50% retracement level of $2,843, calculated from the peak of $3,562 on July 22 and the trough of $2,124 on August 5.
Meanwhile, this fell in line with key daily resistance at $2,927. At the time, it became clear that Ethereum could face a significant drop if it did not surpass this resistance. The speculation boldly stated that it could fall by 20% to hit the weekly support level of $2,118. Ethereum is trading at $2,645.18, a 2.49% increase in the last 24 hours.
As analysts had predicted, the coin may have finally entered its recovery phase.
