Ethereum (ETH) co-founder Vitalik Buterin recently commented on how digital assets are starting to become more widely adopted, thus becoming more useful than traditional assets like gold.
Ethereum co-founder, published on Twitter by Soonish writer Zach Weinersmith on Oct. cryptocurrency responded to a question that questioned the advantages of its units compared to gold.
Ethereum Founder Buterin: “Gold Is Impossible to Use When Dealing With Untrusted People”
Buterin said that “gold has less adoption than cryptocurrencies” and claimed that crypto assets are a better option.
Buterin said gold is “very difficult to use when dealing with people who can’t be trusted” and “incredibly objectionable”. He claimed that gold “does not support secure storage options like multisig,” which references multi-signature cryptocurrency wallets that require several parties to confirm a transaction:
“Gold is incredibly useless. Difficult to use, especially when dealing with untrusted parties. It does not support secure storage options like Multisig. At this point, gold is less adopted than crypto, so crypto is the better option.”
Gold is incredibly inconvenient. It’s difficult to use, particularly when transacting with untrusted parties. It doesn’t support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.
— vitalik.eth (@VitalikButerin) October 26, 2022
In particular, investors looking for the most reliable safe-haven asset continue to have an ongoing heated debate between cryptocurrencies and gold. Bitcoin’s correlation with gold hit a 40-day high on October 22 as the battle for the safe-haven asset intensified in the current macroeconomic environment.
While the cryptocurrency industry has seen significant development and acceptance over the past few years, Buterin said he believes traditional currencies backed by governments will remain dominant.
*Not investment advice.
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