El Salvador, a badly put together Bitcoin strategy? – Ethereum co-founder Vitalik Buterin recently spoke about his overall view of cryptos. He notably shared his point of view on thebitcoin adoption in El Salvador. According to him, although this must be encouraged, there is the art and the way of doing it. Decryption of words.
Cryptos, an ecosystem that attracts storms?
Interviewed by The Straits Times, Vitalik Buterin speaks out on dramas like the bankruptcy of FTX or the saga Terra Luna. A blockchain whose founder, Do Kwonis still on the loose. He talks about the chaos caused by these cases and the risks for the cryptocurrency ecosystem.
“The problem is that by becoming more democratic, [les cryptos] tend to attract all Do Kwons. »
Cryptos in their race towards adoption attract the brains of this world in search of innovation of course, but also those in search of enrichment. And they have no qualms about hurting the entire industry for their own personal ambitions.
Vitalik also dwells on the bitcoin community. According to him, it encourages a little too much certain unenviable behaviors for the good development of the ecosystem.
“Almost systematically, they dub all the rich and powerful people who support Bitcoin. »
This is particularly the case of El Salvador, which has made Bitcoin a legal currency in September 2021. The President Nayib Bukele has since continued its purchases of Bitcoins. He even recently announced that he wanted buy 1 bitcoin per daythis a priori since November 18th.
News of El Salvador’s adoption of Bitcoin was greeted as a victory by Bitcoiners and welcomed by the entire community. On this subject, Vitalik tempers the enthusiasm.
“A lot of people seem to forget that Bukele’s government is not the most democratic on Earth. […]. This government is not the most gifted when it comes to respecting individual freedom. »
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Bitcoin in El Salvador, warnings from Vitalik Buterin
“The concern is that Nayib Bukele’s whole bet was based on the price of Bitcoin continuing to rise. But this one almost only fell [depuis l’adoption], which makes this whole situation terrible and few people in El Salvador finally really want to use it. »
According to Vitalik, it was not a good idea for Nayib Bukele to force his merchants and businesses to accept Bitcoin. This may have engendered public discontent which is never a good basis for acceptance. This must come naturally, by force of circumstance, like the principles behind the creation of bitcoin. This is intended to be a parallel system, free of any constraint.
For Vitalik, adoption begins withpublic education. Bitcoin will not be able to be accepted if it is not understood.
“There are things that the regulator will be able to do [dans ce sens]. There are also things that the community will be able to put in place to educate users. »
Returning to the Luna and FTX cases, Vitalik clarified that, anyway, there are limits to preventing malicious activity in a system as open as cryptos. Regulation or not. Otherwise, it amounts purely and simply to restraining this technology which is intended to be open and free by nature. This incredible ecosystem has faced calamities in the past and will likely continue to do so. On the other hand, we must not lose sight of all the revolutions that he was able to bring about and will continue to bring about in order to build our future.
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