Buterin says crypto is a better bet than gold
Ethereum (ETH) co-founder Vitalik Buterin believes cryptocurrencies are a better asset to hold than gold, adding that adoption is already ahead of physical assets. increase.
Gold is very inconvenient. Difficult to use, especially when dealing with untrusted parties. It does not support secure storage options like multisig. At the moment, gold is a better fit for cryptocurrencies as it has less adoption than cryptocurrencies.
—vitalik.eth (@VitalikButerin) October 26, 2022
Buterin released a statement in response to Zach Weinersmith, who said people should buy gold over Bitcoin (BTC).
Vitalik sharp Gold is very inconvenient and difficult to use, especially when transacting with untrusted parties, and lacks secure storage options like multi-sig crypto wallets where multiple people can control access.
“At the moment, gold is less adopted than cryptocurrencies, so cryptocurrencies are a better fit.”
This is not the first time Vitalik has said crypto is better than gold. In 2018, he tweeted that Bitcoin is a better store of value than gold, both personally and socially.
“I argue that Bitcoin PoW mining is devastating to the environment, but gold is worse.”
he Added.
Uniswap founder Hayden Adam endorsed Buterin’s view. addition “Gold also has the risk of huge inflation due to central control by mining asteroids.”
For over a decade, investors have debated which asset is better: gold or cryptocurrencies.But while the current market downturn shows that cryptocurrencies are not living up to inflation hedging claims, gold has also Price drop since the beginning of the year.
Meanwhile, cryptocurrencies are slowly eroding gold’s market capitalization as more investors see Bitcoin as a store of value, despite Bitcoin’s poor performance this year. It also means that you are
This is evident in the trading volume between Bitcoin and British Pound following the ill-fated mini-budget by former Prime Minister Liz Truss. BTC and GBP trading volumes rose 233% in September as the British pound crashed.