Vitalik Buterin is the co-founder of Ethereum and also one of the most influential people in the cryptosphere.
He publicly expressed his belief that the crypto community’s enthusiasm for ETFs is not precisely what we should be focusing on these days.
Now, you may know that the crypto markets are living their best lives so to speak while experiencing a bullish trend that is attributed by experts to investors’ expectations for potential approval of Bitcoin ETF.
Buterin believes that we should be focusing on global adoption instead of ETFs.
He also criticized the fact that the whole community is currently concentrating on such aspects which he does not see as important in the long run.
On the other hand, more adoption would trigger the need to acquire more tokens and an increase in price.
If you think about it, it was the increasing adoption of cryptos what led to raised prices for Bitcoin and Ethereum.
I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— vitalik.eth (@VitalikButerin) July 29, 2018
Buterin’s words are a great reflection of the crypto reality these days where one group of people see the cryptos as a substitute for money and an essential mechanism for future economic transactions, and another group is only focused on speculation.
What about the ETFs?
Last week, the SEC decided to reject the proposal for a Bitcoin ETF that was presented by the Winklevoss twins and this triggered a drop in Bitcoin’s price.
But, after the letter from the SEC Comm. Hester Pierce who rejected the decision prices in the crypto market stabilized all over again.
It’s important to understand that sooner or later, regulators will approve ETFs.
More scalability and less speculation
Buterin highlighted the fact that he is working hard on global adoption by trying to address critical issues such as scalability and interoperability.
“Ethereum blockchain’s capacity right now is about 15 transactions a second. If you even consider something like putting all of the Uber rides on the blockchain, that’s 12 transactions per second already. I do feel just raw ability to process more transactions per second is important, and that could happen through sharding and other base layer scalability upgrades to the system which we are working on,” he said in a recent interview.
