Ethereum Boss Vitalik Buterin: Crypto Assets Better THAN Gold
JAKARTA - Founder and CEO of Ethereum (ETH) Vitalik Buterin recently made a statement regarding the position of cryptocurrency and gold. According to him, crypto assets have advantages that are not owned by gold, including safe storage issues.
This statement was made by Buterin in response to Zach Winersmith who said that people should buy gold rather than Bitcoin (BTC). Furthermore, he revealed the reason because Bitcoin is decentralized or does not have a centralized authority that controls it like fiat money.
Ethereum founder Vitalik Buterin believes that crypto is a better asset to hold than gold, and adds that crypto already has more adoption than physical assets. This was conveyed by Buterin in his Twitter post.
"Gold is very troublesome. It is difficult to use, especially when transacting with untrusted parties. Gold does not support safe storage options such as multisig. At this point, gold has fewer adoptions than crypto, so crypto is a better bet," Vitalik said via his official vitalic Twitter account.eth @VitalikButterin, October 26, 2022.
Therefore, the rate of gold adoption is less than crypto. At this point, gold has fewer adoptions than crypto, so crypto is a better bet, Buterin added.
This isn't the first time Vitalik has said crypto is better than gold. In 2018, he tweeted that Bitcoin is better than gold as a store of value both individually and socially.
"I often scold PoW's Bitcoin mining for damaging the environment, but gold is worse," Buterin added, quoted from CryptoSlate.
Uniswap boss Participated in Commenting
Uniswap founder Alex Adam supports Buterin's view, adding that gold' also has a large risk of centrally controlled inflation due to asteroid mining.
For more than a decade, investors have argued about which assets are better - gold or crypto. However, while current market declines have shown that cryptocurrencies do not meet hedging claims against inflation, gold has also fallen in value from year to year.
Meanwhile, wider adoption of cryptocurrencies also means that cryptocurrencies are gradually undermined by gold market capitalization as more investors see Bitcoin as a store of value, although this year crypto performance is poor.
This is evident in the trading volume between Bitcoin and the British Pound following a poor minimum budget by former Prime Minister Liz Truss. With Pound Sterling falling, trading volume between BTC and GBP rose 233% in September.