Crypto Falls On China Again And Vitalik Buterin Does Not Fear Dogecoin

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Crypto fell overnight as global traders worried about more possible bans from China and rising inflation, Ethereum founder Vitalik Buterin admitted that Dogecoin might become a serious crypto coin and a London trader made a cool $1 billion profit trading Bitcoin.

We are woken up this morning by dropping crypto prices with most major coins down some 10%. It comes after Bitcoin enthusiasts in China fear further bans and Deutsche Bank warned over rising inflation worries.

Deutsche Bank warns of global ‘time bomb’ coming due to rising inflation https://t.co/pxAzTCjdit

— CNBC (@CNBC) June 7, 2021

Deutsche Bank Chief Economist David Folkerts-Landau said:

Consumers will surely spend at least some of their savings as economies reopen. This raises the very real specter of consumer-driven inflation.

It remains unclear whether this will mean less investment into risky, volatile assets such as crypto.

Fear the Doge

Ethereum founder Vitalik Buterin did a long podcast interview with Lex Fridman in which he discussed various topics like possible regulation, his falling out with Cardano founder Charles Hoskinson and many other interesting items. One of the funnier segments though was when Lex asked him if Ethereum Fears the Doge (aka Dogecoin).

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Vitalik assured everyone that he does in fact not fear the Doge and admits that if it is properly run, Dogecoin could be a contender for the top spot of CoinMarketCap.

$1.1 billion profit

Meanwhile London Wealth Manager Ruffer told journalists in Britain that a Bitcoin bet had made them a quick $1 billion profit.

Reported in Satoshi Nakamoto’s favorite newspaper The Times this weekend, wealth manager Ruffer admitted the feat, stating:

When the price doubled we took some profits for our clients in December and early January. We actively managed the position and by the time we sold the last tranche in April the total profit was slightly more than $1.1 billion.

Investment director Hamish Baillie admitted that the company initially only invested about $600 million in November last year.

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