Ethereum founder Vitalik Buterin says Crypto is still undervalued
Ethereum co-founder Vitalik Buterin took to Twitter and shared his thoughts on how crypto is superior to other payment options. Buterin says the cryptocurrency industry remains undervalued, given its convenience and resistance to censorship.
The 28-year-old programmer stated that crypto provides a
“Big boost to international business and charity, and sometimes even payments within countries.”
Buterin’s Tweet received responses from some prominent voices in the industry.
The creator of Dogecoin (DOGE), Billy Markus, responded to Buterin, saying:
“What makes cryptocurrency payments super inconvenient is taxes”
The Ethereum co-founder also received a response from crypto proponent John Squire, who said that cryptocurrencies are here to stay. Squire stated,
“No matter how much they start, no matter how much they try to control crypto, they have come into our lives to stay and nothing and no one can stop it.”
Cryptocurrency has become part of the mainstream, especially after the bull run of 2021. Many new and young investors poured into the emerging asset class as major currencies such as Bitcoin (BTC) and Ethereum (ETH) quickly made huge gains.
Also, crypto donations have become more common than ever before. The war in Ukraine has so far spent $54 million in cryptocurrency donations in the fight against Russia. Additionally, daily donations to the cause reached $114 million as of April 8. International payments have historically been slow to process and expensive with fiat money.
Why is crypto still undervalued?
The cryptocurrency industry is still not well understood by a majority of people. Only a select handful have attempted to understand the inner workings of how transactions take place over a blockchain. Also, many fear hacks and exploits have often plagued the space.
In addition, there is sometimes government interference. For example, when the bank accounts of the Canadian Truckers protest were frozen, people turned to crypto donations. However, the Canadian government somehow got their hands on the wallet’s private keys. Also, many governments are against using crypto as it takes away the power of central banks, which is an important pillar of control.
Nevertheless, crypto payments are becoming more popular day by day. Countries have even expressed interest in a state-backed cryptocurrency that they can manage and monitor. It takes away the privacy factor of cryptocurrencies, which is one of the cornerstones of the idea. One thing is for sure though, crypto is here to stay and there is little those in power can do to stop the thought from flourishing.
