The co-founder of Ethereum Vitalik Buterin has highlighted the potential roles to be performed by Ethereum in the post-coronavirus era. Buterin discussed this today while participating at the 2020 Ethereal Summit. His discussion also covers the impact that the current crisis would have on the cryptocurrency community.
While stating his points, Buterin was of the opinion that Ethereum would serve as a gum holding a ruptured world together after the pandemic. Although the cofounder of Ethereum did not confirm if there would increase the acceptance of cryptocurrency around the world due to the crisis, the interviewer, Camila Russo, however, reminded Buterin that Bitcoin was created due to the last big financial crisis.
Buterin responded saying “I think there’s some similarities between 2008 and what we’re going through now. 2008 was entirely a financial crisis. 2020 is not really a financial crisis first and foremost…it’s a virus crisis, and on top of that it’s a political crisis,”
“There are definitely financial elements—there’s a lot of the money printing. But the financial side is definitely not at the heart of the story.” He further buttressed.
Buterin agreed that the current big tech censorship and quantitative easing would have an impact on the adoption of cryptocurrency.
“The concerns around censorship, privacy and institutions are all very real. There definitely has been the older censorship resistance thing going on with Tor, Bittotorrent etc. In 2020 we’re definitely seeing some of the same themes [as in 2008]—but somewhat less financially,” said Butterin.
Russo inquired about the level of cryptocurrency acceptance in an assumed post-COVID world where dollar losses its value and China rises, coupled with political uncertainty. She further asked the crypto icon what the role of Ethereum would be in such situation.
“Ethereum definitely has a role to play in being the glue.” Replied Buterin adding that “there’s definitely an element of seeing more and more political discord and distrust between countries over time. And there’s definitely a real role for blockchain to play in helping being part of the glue that holds all of these countries and currencies together”.