In a recent interview with blogger Noah Smith, Ethereum co-founder Vitalik Buterin talked about the current crypto market state and the future of blockchain. He said it was predictable that the prices would fall, however, he didn't know when it would happen.
According to Buterin, in the medium-term future cryptos will settle down and they will be as volatile as gold or the stock market. The question is just what level the prices will settle down at.
Buterin finds that a lot of volatility early on was a result of existential uncertainty. He added that in 2011 when Bitcoin dropped from $31 to $2 in six months, people were wondering whether or not the coin is a one-time fad that would eventually collapse or not.
Buterin says the situation changed in 2017, after which the question was whether the coin would gain the levels of mainstream legitimacy, which would boost the price. In 2022, the question is the same.