Buterin: ordinary people need easier ways to access cryptocurrencies
On July 29, the co-founder of Ethereum and renowned Blockchain developer Vitalik Buterin, spoke about the lack of infrastructure around Bitcoin and Ethereum, and the need to create better ways for the public to invest in the main digital assets.
Specifically, Buterin addressed the most institutionally connected Bitcoin-traded exchange-traded funds (ETFs). In his tweet, Buterin deduced that institutional management is not where the cryptocurrency industry needs to go. Instead, he said the industry needs to focus more on practical applications of digital currencies for people on the street, making crypts as available as possible, and making digital purchases of assets as easy as buying gift cards. debit today.
Buterin published in Twetter:
"I think there is too much emphasis on ETFs from BTC / ETH / whatever, and there is not enough in making it easier for people to buy US $ 5 to US $ 100 in cryptocurrencies through cards at corner stores. . The first is better for pumping the price, but the latter is much better for real adoption. "
In contrast to this statement by Buterin, Huobi UK's Legal Counsel and CCO, Josh Goodbody, told the NewsBTC portal earlier this month about the importance of institutional investors and related ETFs for the crypt industry.
Bitcoin
Goodbody said that the sector can not mature if investors do not trust the infrastructure they are using, commenting on both the importance of decentralized operations and that of large investors. In relation, he said the recent news from the Securities and Exchange Commission (SEC) that more Bitcoin ETFs are on the way is a "natural progression in the cryptocurrency industry."
Goodbody said: "Bringing asset classes and financial vehicles to the cryptocurrency space will give investors the exposure with which they feel comfortable. Not everyone wants to keep private keys. Whenever it is launched by a reputable market participant, we believe it is a positive development for the industry. "
Returning to Buterin, he is focusing more on the "real adoption" of cryptocurrencies. Looking at both arguments, it is easy to see that, in fact, both parties are necessary to complete the whole. Consider, for example, that a Gallup poll from last year indicated that only 2% of Americans owned Bitcoin.
Even more revealing is the 2017 CareerBuilder survey, which found that about 80% of US workers live with just enough. What is worth considering is that, for these people, "ETFs" and "Bitcoin futures" may sound like a foreign language.
During the past week, Bitcoin recovered to a maximum of more than US $ 8,300 after two months. Some within the cryptocurrency community believe that the price increases were related to speculation that one of several ETF proposals submitted to the SEC would be accepted shortly.
Unfortunately, that was not the case. What happened? The US financial watchdog rejected the proposed ETF of Cameron and Tyler Winklevoss, owners of the Gemini Exchange platform.
Although the effort of the Winklevoss brothers was not the most expected application for a Bitcoin ETF, the SEC ruling could be directed towards the cryptocurrency industry instead of a specific proposal. Therefore, it seems possible that other high-profile applications, such as those of the VanEck and SolidX association, may also be rejected for similar reasons. August 16 is the deadline of the SEC to act on these specific proposals.