Ethereum Co-Founder Vital Buterin Says We Should Focus More On Cryptocurrency Mass Adoption And Not ETFs
While the cryptocurrency market is riding high on the arrival of Bitcoin or possible Ethereum ETFs, Vitalik Buterin believes that its time to focus on the mass adoption of cryptocurrencies and how they can be used as a means of daily payment convenient to its users. In his tweet, Buterin says that an ETF could benefit the cryptocurrency prices, however, making them easily available to use would ensure mass adoption.
Buterin said: “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.”
He said that the current focus seems to be revolving much around the adoption of crypto industry by institutional players, but that’s not where we need to go. Instead, first we should focus on its practical applications while making cryptos easy to be used using debit/credit cards.
However, in a recent interview earlier this month, General Counsel and CCO of Huobi UK, Josh Goodbody talked about the importance of the entry of institutional investors to the markets and the presence of ETF-like crypto investment products.
He also said that for the crypto industry to mature, investors need to have confidence in the infrastructure it has to offer. Moreover, he also added that the latest news from the U.S Securities and Exchange Commission (SEC) stating that more Bitcoin ETFs are coming soon is a “natural progression in the cryptocurrency industry.”
Goodbody said: “Bringing in asset classes and financial vehicles into the crypto space will give investors the exposure they’re comfortable with. Not everyone wants to hold private keys. As long as it’s launched by a reputable market participant, we think it’s a positive development for the industry.”
Although Buterin seems to be right at his place towards getting cryptocurrencies into the mainstream, having Bitcoin ETFs is also essential as it will help to install new confidence among investors to increase their participation in the cryptocurrency which will ultimately towards the path of its mainstream adoption.
In response to Buterin’s tweet, some people gave good suggestions. For e.g one noted that the ability to earn digital currencies will encourage more adoption. For the one who earns cryptocurrencies won’t have to grow through converting them to fiat, which is currently inconvenient.
However, the other noted that there have been several attempts to bring digital currencies into mass adoption but the regulatory concerns have always been a hurdle.