Vitalik Buterin highlighted the two worst Bitcoin price predictions ever made since BTC was introduced back in 2009

By Selena On Apr 7, 2020

The famous co-founder of Ethereum, Vitalik Buterin, bashed those making over-confident predictions in the cryptocurrency industry. However, he also took the blame for doing the same thing with Ethereum’s roadmap. Besides, he highlighted the two worst Bitcoin price predictions ever made since the digital currency was introduced back in 2009.

In an April 6 tweet, Buterin emphasized that price predictions on crypto markets are “notorious for turning out very wrong” — both on the bull and bear side.

Vitalik Buterin, the co-founder of Ethereum

Vitalik Buterin: Many wrong predictions in crypto

For one thing, predictions and forecasts help us prepare for the future as they tell us what to expect. However, the number of false predictions we see every day in all sectors has become quite alarming.

With no accountability, especially in crypto, we see self-acclaimed experts, project founders, and influencers making predictions that turned out to be wrong, which sometimes hurt the average traders and followers of a project.

Responding to a tweet about Coronavirus and credibility, a Twitter thread called for an accountability framework for those with a high degree of influence, adding that there ought to be an ethical penance for providing wrong information, predictions, deliberate manipulation, etc.

Buterin concurred with the user’s line of thought and went on to start bashing crypto predictions while saying that it would be a great custom to dig up and laugh at people who made “over-confident” predictions a couple of years ago that turned out to be “horribly wrong.

According to Buterin, the worst Bitcoin prediction was made by John McAfee, founder of McAfee. Specifically, Buterin had referred to McAfee’s famous $ 1 million Bitcoin claim delivered in November 2017, at a time when Bitcoin was reaching an all-time high of $ 20,000.

Next, Buterin picked a prediction from the famous American economist Nouriel Roubini. Back in February 2018, when Bitcoin was hitting new multi-month lows by falling below $ 7,000 from $ 20,000, Roubini argued that Bitcoin was on its way to zero.

As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…

— Nouriel Roubini (@Nouriel) February 6, 2018

While Buterin has a point that predictions in the crypto industry are notorious for turning out wrong, he needed a reminder that he also had, in the past, made some over-confident calls about Ethereum development which turned out wrong. Interestingly, he openly admitted that his ETH predictions were wrong on many occasions.

I agree I was wrong on many of those!

— vitalik.eth (@VitalikButerin) April 6, 2020

By outlining these two failed Bitcoin predictions, Buterin highlighted the question of responsibility among those who have a high degree of influence. Vitalik Buterin urged people not to forget that everyone makes mistakes and called for social incentives for saying “sane” things.

This is why I think digging up over-confident predictions people made 2-5 years ago that turned out horribly wrong and laughing at them is a great custom to have.

We need at least social incentive to say things that are sane, and we need to be reminded of everyone’s fallibility. https://t.co/UDkDLKkypi

— vitalik.eth (@VitalikButerin) April 6, 2020

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