Vitalik Buterin Does Not Expect Crypto To Be Able To Replace Traditional Currencies

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

The global economy has not been in the best shape for the past few months. The prices of everyday supplies and services are constantly on the rise 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 strong currencies such as the USD or Euro will lose a part of their purchasing power, despite the Fed’s continuous application of raising interest rates but not being able to contain inflation. At the same time, many individual investors are turning 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 reduced the purchasing power of dollars, euros, or pounds, has inadvertently fueled speculation about 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 do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments.”

This is not the first time the Ethereum founder has given certain praises to fiat. At 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 with the recent development of Ethereum and the crypto community.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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