The co-founder of Ethereum (ETH), Vitalik Buterin said that the current Financial Crisis is very different to the global Financial Crisis of 2008, which arose Bitcoin. Due to this, the community cryptographic you need to adjust your mentality. So I said to CZ that Bitcoin is not a money just for protests.
What happened during the Financial Crisis, and Bitcoin?
The 2008 Financial Crisis devastated the global economy. This gave rise to what is known as the Great Recession. In consequence, led to the fall of housing prices and the sharp rise in unemployment.
While the increase in the financial crisis in 2008 highlighted some of the risks associated with the traditional banking system. Also, it was the year of birth of Bitcoin, the first criptomoneda that was created.
Buterin and his narratives about Bitcoin
By typing in a string of Twitter on the 2nd of June, Vitalik Buterin said that some of the narrative’s most cherished Bitcoin had not been confirmed at this time.
The co-founder of Ethereum (ETH) said that the 2020 is not a repeat of the 2008 financial crisis. Rather, tweeted, is a “crisis of virus, a crisis of epistemology and a police control”.
Equally, challenged the idea that the narrative of Bitcoin inflation, was an important aspect of the current situation.
Similarly, Buterin added another narrative: that Bitcoin and the criptomonedas are not correlated with economic trends and more spacious. Therefore, as proof, he showed a graph of the recession in the S&P 500, at the same time that the value of Bitcoin and other criptomonedas fell by more than 50%.
In conclusion Vitalik Buterin contributed:
“Finance is relatively less important in this decade than in the last. Rather, we need to adapt to this reality.”
Bitcoin is not a money only for protests
Similarly, Buterin said that it was time for the community to move beyond the thoughts. As demonstrated in the tweet from the Chief Executive officer (CEO) of Binance, Changpeng Zhao (CZ), which noted: “Bitcoin is the peaceful protest“.
Regarding this comment made by CZ, Buterin said: “I will go out and say this directly: this mentality is exactly what we should expand. In addition, the reform of the money is not enough”.
Bitcoin and the new realities
But if cryptographic technology is not just to reform the finances, the most important thing would be to respond: what are other use cases appropriate? For example, Buterin said that there were many categories of applications in Ethereum and that go beyond the finances:
“Publications and communications decentralized and resistant to censorship, communities, decentralized / governance / DAO, etc, All important work”.
The co-founder of Ethereum reiterated that the old ideas are being eliminated. In addition, the community needs to embrace this new reality: “2016-2020 is a period of realignment ideological. Many old ideologies, and coalitions are dying, and many new are born“.
To conclude, he added: “The hills and valleys on the fields of battle are changing. The most important thing, is that the crypto space needs to be attentive and adjust to the new realities“.
Do we need to change our thoughts with respect to Bitcoin? What do you think?