Vitalik Buterin: Too Much Focus on Crypto ETFs, Not Enough on Adoption
- The Ethereum creator believes the industry should be focusing on making crypto easier to use.
Ethereum co-creator Vitalik Buterin recently tweeted dissatisfactory remarks about the direction that the cryptocurrency industry is headed in. “I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores,” he wrote.
“The former is better for pumping price,” he continued, “but the latter is much better for actual adoption.”
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
ETF Speculation May Be Causing Spikes in Crypto Valuation
Indeed, a number of analysts cited the speculation around the Winklevoss twins’ Bitcoin ETF as one of the main driving factors behind the latest Bitcoin rally. The positive effects of the speculation appear to have stuck, despite the fact that the SEC denied the Winklevoss’ application.
There is still hope that the CBOE’s ETF could be approved by the SEC on August 10, which is expected to drive BTC up even further. Still, some analysts believe that even if the ETF were approved, it would ultimately only drive the price of Bitcoin up in the short-term.
Some believe that these kinds of short-term increases in the price of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are ultimately harmful to the crypto industry, as they reinforce beliefs that crypto markets are volatile and unsafe for investors.
How many % of people that say "bitcoin doesn't need ETF" do you think will celebrate price surge of BTC caused by approval of the first BTC ETF?
Probably the majority. Potential impact of a BTC ETF cant be underestimated. Bitcoin can survive without it but it's better with it. — Joseph Young (@iamjosephyoung) July 29, 2018
Buterin’s tweet could be an indication that he believes that widespread adoption won’t just benefit the technical aspects of cryptocurrency networks, but also the long-term stability of cryptocurrency valuation.
There are a growing number of apps that allow users to easily acquire cryptocurrency and others that provide crypto credit or debit cards that can be used for everyday purchases. However, apps that are both easy to use and accepted by most on- and offline merchants have not yet become prolific enough to really cause widespread adoption of cryptocurrency.
In an exclusive interview with Finance Magnates conducted earlier this year, Litecoin creator Charlie Lee said that he believes that widespread adoption will happen when cryptocurrency becomes less difficult: “Cryptocurrency is really hard right now–things will become easier,” he said. “I see a future where people don’t even have to know that they’re using cryptocurrency. They’ll just be sending Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term [through a platform] to another person or to a merchant.”
Ethereum co-creator Vitalik Buterin recently tweeted dissatisfactory remarks about the direction that the cryptocurrency industry is headed in. “I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores,” he wrote.
“The former is better for pumping price,” he continued, “but the latter is much better for actual adoption.”
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
ETF Speculation May Be Causing Spikes in Crypto Valuation
Indeed, a number of analysts cited the speculation around the Winklevoss twins’ Bitcoin ETF as one of the main driving factors behind the latest Bitcoin rally. The positive effects of the speculation appear to have stuck, despite the fact that the SEC denied the Winklevoss’ application.
There is still hope that the CBOE’s ETF could be approved by the SEC on August 10, which is expected to drive BTC up even further. Still, some analysts believe that even if the ETF were approved, it would ultimately only drive the price of Bitcoin up in the short-term.
Some believe that these kinds of short-term increases in the price of Bitcoin and other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term are ultimately harmful to the crypto industry, as they reinforce beliefs that crypto markets are volatile and unsafe for investors.
How many % of people that say "bitcoin doesn't need ETF" do you think will celebrate price surge of BTC caused by approval of the first BTC ETF?
Probably the majority. Potential impact of a BTC ETF cant be underestimated. Bitcoin can survive without it but it's better with it. — Joseph Young (@iamjosephyoung) July 29, 2018
Buterin’s tweet could be an indication that he believes that widespread adoption won’t just benefit the technical aspects of cryptocurrency networks, but also the long-term stability of cryptocurrency valuation.
There are a growing number of apps that allow users to easily acquire cryptocurrency and others that provide crypto credit or debit cards that can be used for everyday purchases. However, apps that are both easy to use and accepted by most on- and offline merchants have not yet become prolific enough to really cause widespread adoption of cryptocurrency.
In an exclusive interview with Finance Magnates conducted earlier this year, Litecoin creator Charlie Lee said that he believes that widespread adoption will happen when cryptocurrency becomes less difficult: “Cryptocurrency is really hard right now–things will become easier,” he said. “I see a future where people don’t even have to know that they’re using cryptocurrency. They’ll just be sending Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term [through a platform] to another person or to a merchant.”