Although Buterin is no longer in the "three comma club," his supporters argue it's only a matter of time before Ether rallies — and his billionaire status returns.
If you think your crypto portfolio is looking grim right now, spare a thought for Vitalik Buterin.
Ethereum's co-founder has revealed that he's no longer a billionaire since the bruising bear market began.
But back when ETH had hit an all-time high of $4,891.70 back in November, this crypto stash would have been worth over $1.4 billion.
Ether is now trading at a 57% discount to this record price, with the cryptocurrency's market cap shrinking by hundreds of billions of dollars.
Buterin's admission came in response to a tweet that claimed Elon Musk and Jeff Bezos love posting on Twitter because they're billionaires who crave attention. The crypto entrepreneur leapt to their defense, writing:
"What happened to 'talking directly to the people' being a virtue? (BTW I particularly appreciate that Elon and Jeff actually respond to people, and don't just shout their own stuff.)"
The multimillionaire later clarified that he wasn't counting himself as a billionaire.
Although Buterin is no longer in the "three comma club," his supporters argue it's only a matter of time before Ether rallies — and he returns.
Brutal Trading Conditions
Buterin has considerably more wealth than most crypto investors, but those who are all in will have seen similar damage inflicted on their portfolios.