Vitalik Buterin: “Crypto is better than gold”
In a recent tweet, Ethereum (ETH) co-founder Vitalik Buterin said to bet on crypto instead of precious metals is the best way to accumulate wealth.
Vitalik Buterin’s words on the crypto-gold debate
“Gold is incredibly impractical. It is difficult to use, especially when dealing with untrustworthy parties. It does not support secure storage options such as multisig. At this point, gold has less adoption than crypto, so crypto is the best option.”
This is how the Russian Ethereum co-founder, born in 1994, puts it to the question of who is better between crypto and precious metals. Vitalik ButerinThe words are in response to a tweet from the cartoonist Zach Weinersmith speaks out about his doubts about the difference between crypto and gold. Vitalik’s response was prompt and provided even more confirmation of his point of view in the debate, not a surprise since he has been arguing for this thesis since 2014.
This is actually not the first time Vitalik Buterin has spoken out about the matter on Twitter. Back in 2018, he expressed his opinion this way:
5. “Why Bitcoin is better than Gold” – I actually agree that Bitcoin is better than gold as SoV both individually and socially; I harp on bitcoin PoW mining that destroys the environment a lot, but gold is worse.
— vitalik.eth (@VitalikButerin) 3 April 2018
Showing confidence in saying that crypto (in this case Bitcoin) was much better than gold and that if he disagreed with Bitcoin it was only because of an environmental issue. However, on par with Bitcoin’s pollution from its mininggold’s environmental pollution is much worse.
What is the best choice between crypto and gold?
The volatile geopolitical situation regarding commodities suggests that investors need a safe haven for their goods and assets.
Although historically gold has always been a safe haven for everyone, today’s situation has changed.
Competing with precious yellow metal are crypto assets. In addition to also serving as a haven for investors, they also allow for easier and more secure transactions.
The year 2022 was certainly not the year for gold, which suffered many losses due to inflationUnlike dollarswhich rose.
In addition, according to finbold.com lists, gold also lost heavily in the precious metals arena. In fact, silver and platinum beat gold by 64.12% and 112% respectively.
The American multinational financial company JP Morgansides of cryptocurrencies in the debate, especially with Bitcoin.
Explains that Bitcoin beats gold in eight key factors: durability, portability, fungibility, sharability, scarcity, verifiability, censorship and overall history.
The theory of the founder of Uniswap confirms the words of Vitalik Buterin
Hayden Adamsfounder of Uniswap platform, has spoken out in the debate with a very distinctive theory about precious metals. The creator of the famous unicorn exchange, explained in a statement that the market value of precious metals can fall dramatically due to a meteorite.
This theory explains that if in the future humans are able to take precious metals from asteroids, the market price of precious metals such as gold, silver and platinum will be in for a huge drop.
A rather futuristic theory, which would put an end to the eternal debate between gold and crypto.
