Co-founder of Ethereum believes it is time for the crypto community to adjust to the current trends.
Vitalik Buterin, co-founder of Ethereum, wants people to adjust their mindset about what Bitcoin is going through at the moment. He says the coronavirus pandemic is different from the global economic meltdown of 2008 so the same results should not be hoped for. It was during the 2008 crisis that Bitcoin emerged.
He tweeted on June 2 that this crisis has not necessitated any new modus operandum in the bitcoin network.
Nothing new yet
Buterin said there is no similar occurrence in 2020 of what happened in 2008/2009. While the former was an economic crisis known all over the world, this one is just a crisis caused by a virus.
He spoke to debunk the idea that the current pandemic was responsible for the Bitcoin inflation. He also added that an upcoming deflation is possible.
Buterin also explained that the current pandemic has not proved that cryptocurrencies are different from traditional assets. He buttressed his point by narrating how Bitcoin and the traditional assets dropped in value around March.
The times are different
Buterin does not agree with Changpeng Zhao, the CEO of Binance, who has said this period that “Bitcoin is the peaceful protest.”
On the contrary, he said:
“I will come out and say this directly: this mentality below is exactly what we should be expanding beyond right now. REFORMING MONEY IS NOT SUFFICIENT.”
Other uses of crypto
Buterin agreed that crypto had other important uses. He made reference to Ethereum which has gone beyond finance in helping individuals. He said:
“Decentralized censorship-resistant publishing and communication, decentralized communities / governance / DAOs, DAOs for content curation, etc etc. All important work.”
Buterin still insisted that people should give up their old thoughts about crypto and embrace what it holds for the moment. He says that the new Bitcoin era started since 2016. This is how he said it:
“2016-20 is a period of ideological realignment.” In addition he noted: “Many old ideologies and coalitions are dying, and many new ones being born. The hills and valleys on the battlefields are shifting. The crypto space needs to be watching carefully and adjust to new realities.”