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Ethereum Founder Vitalik Buterin Plays Down Crypto ETFs, Calls for Actual Adoption

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Cryptocurrency ETF theme with man writing on large windows high above a sprawling city at night. Source: shutterstock.com

Vitalik Buterin, founder of the second largest blockchain and the second most valuable cryptocurrency in the world, Ethereum, doesn’t shy away from expressing his thoughts to the world. His most recent tweetstorm was focused on cryptocurrency ETFs, which he thinks are just a way to boost prices and not encourage real adoption.

Buterin on Crypto ETFs

On the evening of July 29, Buterin tweeted about the creation of Bitcoin and Ethereum exchange-traded funds. While he neither appreciated nor criticized the creation of these derivatives, he didn’t seem too keen on creating another high-profile conversation around their creation.

A Twitter user, David Weisberger, commented that what Buterin is saying is a false comparison as both Bitcoin and Ethereum are polymorphic in nature — meaning they could be used as a medium of exchange and as an investment. ETFs only handle the investment aspect of these cryptocurrencies, while what Buterin talks about is related to the cryptocurrency aspect.

Buterin replied that he agrees to what Weisberger said but believes that the current level of adoption in the industry is imbalanced where the debates are centered too much on investment and not on usage.

Buterin’s Unique Take on Currencies

The Ethereum founder is one of the most influential voices in cryptocurrency, but his take on them has been very unique. Earlier this month, he said he wishes that centralized crypto exchanges “burn in hell” while adding that companies like Bitmain are getting closer to the 51-percent network hash rate. He went on to say that new crypto projects should not be spending millions of dollars for getting listed on centralized exchanges, which exist only because they are the conduit between the fiat world and the crypto world. During that event, he also added that the Ethereum Foundation tries hard not to create a divide between people but aspires to create a decentralized organization.

Ethereum Founder Vitalik Buterin Plays Down Crypto ETFs, Calls for Actual Adoption was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.