Vitalik Buterin believes that cryptocurrencies cannot replace FIATs
Vitalik Buterin, co-founder of the Ethereum Foundation and “father” of Ethereum, talked to Eric Weinstein from The Portal podcast to discuss the paradigms of the “old” and “new” economy. He said quite surprising words for a fan. He believes that the fiat money will not be destroyed.
Ethereum, Libertarianism and Diversity
Discussion on libertarianism, among other things. Buterin said that libertarians mostly belong to two large groups, whose style of thinking can be closed in sentences: “Leave us alone” or “we will conquer the world. This discrepancy is supposedly strongly visible in the cryptocurrencies world . Indeed, part of the digital currency community wants the authorities to stay out of their way. The second group, however, goes on a crusade against the fiat money, which in their opinion will eventually be destroyed.
Now Buterin has focused on the latter. In his opinion, these people believe that fiduciary currencies will be destroyed and replaced by Bitcoin (BTC). In general, the creator of ETH estimated, however, that this is an unrealistic approach. He said that he himself “is certainly not in the camp, which is happy that the fiat currencies will be destroyed.
Vitalik Buterin: peaceful coexistence is possible!
Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiduciary money and will compensate for some disadvantages of the classical monetary system. He also added that blockchain currencies will be against the government monopoly to “issue money”, but will not “replace them [fiats] completely”.
Although the words of the creators of Ethereum may surprise the more conservative fans of digital currencies, they are quite a realistic forecast. Today, a scenario in which dicks disappear and everyone uses cryptocurrencies on a massive scale seems impossible to implement. Why? Well, central politicians and bankers will not allow anyone to deprive them of the power to issue money. They will sooner adopt blockchain solutions for their needs.
The latter can already be seen in the case of Facebook or the People’s Bank of China. Both entities – the giant of the social media market and the central bank of the Middle Kingdom – are to show the world their digital currencies already in 2020.
Subscribe for newsletter
* You will receive the latest news and updates on your favorite celebrities!