Vitalik Buterin does not expect crypto to be able to replace traditional currencies

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2022-06-20 16:40:39

Ethereum founder Vitalik Buterin thinks that fiat will remain the most dominant form of finance, not cryptocurrency.

Vitalik Buterin does not expect crypto to be able to replace traditional currencies

The global economy has not been in the best shape for the past few months. Keep in mind that the prices of everyday supplies and services are constantly increasing and the ongoing Russia-Ukraine war is far from over, so the future financial picture could turn out even worse. .

These negative trends have led many experts to believe that global strong currencies such as the USD or Euro will lose some of their purchasing power, despite the Fed’s continuous application of interest rate hikes but could not contain inflation. broadcast. At the same time, many individual investors are shifting their focus to alternative assets, such as cryptocurrencies and gold, to preserve their wealth.

However, as reported by Reuters, Ethereum founder Vitalik Buterin thinks the opposite way. He argues that the growing use of Bitcoin and other cryptocurrencies, coupled with inflation that has eroded the purchasing power of many people’s savings in dollars, euros or pounds, has inadvertently caused Speculation on the extent to which cryptocurrencies can become an integral part of everyday life.

Therefore, Vitalik Buterin considers a scenario where Bitcoin and altcoins will become more dominant than traditional currencies is unlikely.

“I don’t expect cryptocurrencies to take over the world in place of traditional currencies.”

This is not the first time the Ethereum founder has given certain praises to fiat. During the end of 2018, he praised fiat for performing the task of financial stability quite well over the past few decades. Even so, he still sees monetary policy as a very complex issue.

However, through the latest statement of Vitalik Buterin, we can imagine that during the current downturn of the entire cryptocurrency market, “Crypto World Genius” many times expressed his disapproval. skeptical of what is happening to the industry as a whole. For example, he was quite disappointed about the recent development of Ethereum and the crypto community.

Not stopping there, the Ethereum founder was “hesitating” about himself when he directly opened a discussion for the Ether community so that they could openly share their dissatisfaction about him. As for the field of metaverse, Vitalik Buterin also stated that he does not fully understand the definition of this space.

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