Vitalik Buterin reveals 90% of his wealth in Ethereum

Vitalik Buterin, co-founder of Ethereum, disclosed that 90% of his net worth is held in ETH (CRYPTO:ETH), highlighting his strong confidence in the cryptocurrency.

"If I did not believe in ETH as SOV I would not hold ∼90% of my net worth in it." - commented on an X post.

This revelation comes as the Ethereum community debates the platform’s role in decentralised finance (DeFi) and the importance of ETH’s value for securing the network under its Proof of Stake (PoS) system.

Some community members have raised concerns that the Ethereum Foundation (EF) hasn’t sufficiently promoted ETH as a store of value, especially after notable transactions raised eyebrows.

A recent transaction involving the transfer of 35,000 ETH (approximately $94 million) to the Kraken exchange sparked discussions about its potential market impact.

Aya Miyaguchi, the EF’s Executive Director, clarified that the transfer was part of routine treasury management to cover operational costs, such as grants and salaries, which require fiat currency.

In response to concerns about transparency, EF member Josh Stark outlined the Foundation’s expenditures, including grants aimed at supporting the Ethereum ecosystem.

The Foundation has committed to releasing a detailed financial report by the end of the year to address these ongoing concerns.

Despite the criticism, some community members defended the EF, noting that its spending is relatively small compared to Ethereum’s overall market cap.

Buterin’s views on DeFi, particularly the sustainability of yields within the space, have also sparked discussions, with some community members emphasising DeFi’s essential role in the broader crypto ecosystem.

Meanwhile, the market has observed Ethereum “whales” selling large amounts of ETH, which has added fuel to the ongoing discussions about the platform’s future and the stability of its value.

At the time of reporting, Ethereum price was $2,437.38.