Ethereum Co-Founder and Early Bitcoin Users Reveal Surprise Crypto Exit, Issue Stark Warning Despite Huge Price Rise
Anthony Di Iorio, one of Ethereum’s eight co-founders and one of the early adopters of bitcoin, has said he is leaving the cryptocurrency world.
The news, first reported by Bloomberg, comes after a huge rally in bitcoin, ethereum and cryptocurrency prices that saw the combined crypto market soar to over $ 1,000 billion (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters ready to earn 1000%).
Di Iorio, who helped kickstart Ethereum development in 2013 as the project financier and was appointed by Forbes as a borderline billionaire in 2018, said he “doesn’t necessarily feel safe in this space” and warned “a lot of times [cryptocurrency is] not … what the world needs. “
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“[Crypto is] really a small percentage of what the world needs, “said Di Iorio Bloomberg, adding that he wants to “diversify so as not to be a crypto guy, but to be a guy who tackles complex issues. I will integrate crypto if necessary, but often times that is not the case. . “
Meanwhile, the decision to move away from the crypto space was “a good 20%” due to concerns about his personal safety, he said. Counter. Since 2017 Di Iorio has had a security team which means someone always travels with him or meets him wherever he goes.
Bitcoin and cryptocurrencies, which have long promised users that they can “be your own bank,” have become a target for criminals and thieves as prices skyrocket by several thousand percent. which makes many early adopters extremely wealthy. . . The relatively anonymous nature of bitcoin and crypto also means law enforcement is often unable to recover stolen funds.
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There are reports that Di Iorio plans to sell his business Decentral, a Toronto-based innovation center and software developer, to set up a philanthropic foundation next year. He is also said to be involved in a zero-emission vehicle business while consulting for Carlos Rejala, a congressman from Paraguay and bitcoin enthusiast.
Decentral could be valued at “hundreds of millions,” but Di Iorio said he ruled out selling the company for the cryptocurrency and would rather offload it for a traditional currency or shares in another company.
Over the past year, the price of Ethereum has surged 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 generally on the Ethereum blockchain.