Ethereum’s founder, Vitalik Buterin, has thrown some jabs at gold in his endnote on 2020. While arguing that cryptocurrencies are grossly underrated, Buterin called gold “lame.”
According to Buterin, digital assets will continue to gain popularity and in the long-term, they would eclipse gold.
“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame, and that $9 trillion has to go somewhere.”
Buterin’s statement may be a rather blunt response to the comments of crypto critic Peter Schiff who recently made a case for gold as a better payment option than Bitcoin.
Once a third party is introduced to store Bitcoin, it loses any perceived advantage it has over gold as a medium of exchange. With third party storage it's far easier and more efficient to use #gold as a payment method than it is to use #Bitcoin. Gold is money. Bitcoin is not.— Peter Schiff (@PeterSchiff) November 23, 2020
Buterin is not the only one that believes that crypto is better than gold. Nikolaos Panigirtzoglou, an analyst at JP Morgan had earlier said that Bitcoin would become the new gold.
The Ethereum founder believes that the potentials of blockchain and cryptocurrencies are becoming more glaring following the impact of the Covid-19 pandemic. In the long-run, people’s “unwillingness’ to deal with third-party intermediaries and traditional organizations perceived as “non-neutral” will force people to turn to cryptocurrencies.