Vitalik Buterin Doesn’t Think Crypto Will Rule the World

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Vitalik Buterin, the co-founder of Ethereum, recently expressed doubt that cryptocurrencies will replace fiat currencies on a global scale. He does, nevertheless, believe cryptocurrencies may co-exist as an alternative asset class.

Bitcoin was originally designed as a digital money solution to the problems that exist in today’s banking system. The goal of this decentralized exchange is to create a form of money that is not debased by middlemen, allowing for peer-to-peer trades without the need for third parties.

Many people, including Twitter’s co-founder Jack Dorsey, believe that Bitcoin can eventually replace national currencies. He believes that the yuan could even replace the US dollar as the world reserve currency.

Vitalik Buterin, on the other hand, has a somewhat different perspective on cryptocurrency. The ETH whale was interested in Satoshi’s invention as a system that enables different computers to agree on the same thing.

He has admitted that he doesn’t focus on monetary theory or currency when answering questions on Twitter. According to him, neither Bitcoin nor Ether can ever achieve price stability in a “hyper-cryptoized” environment.

Some thought the co-founder’s comments were negative toward blockchain technology in general. In May, Vitalik criticized Ethereum for lacking the same degree of security and stability that Bitcoin offers.

He said that blockchain has not found a profitable use case yet, which he is not happy about.

However, his more recent opinions are not all that different from those of MicroStrategy CEO Michael Saylor. A prominent billionaire, who owns the largest corporate position of Bitcoin, believes Bitcoin will develop into the world’s principal money. However, he believes that the US dollar will continue to be the world’s currency in the long run.

This part of the argument revolves around Bitcoin replacing all precious metals, such as silver and gold. In a similar vein, Vitalik tweeted on Thursday that gold and silver are “way, way, way past their prime.”

The lack of Bitcoin’s grassroots adoption as a currency might be attributed to its price volatility.

However, several nations, such as El Salvador and the Central African Republic, have already legalized Bitcoin. Each country is actively developing infrastructure to make Bitcoin more practical as a payment method.