In a series of tweets, Ethereum co-founder Vitalik Buterin explained how the current financial crisis is very different from the 2008 Global Financial Crisis that gave birth to cryptocurrency bitcoin. He added that the crypto community needs to adjust its thinking accordingly. He emphasized that some of Bitcoin’s most dearly held narratives had not been borne out this time around. Buterin said that 2020 is not a repeat of the financial crisis of 2008, but it is a “virus crisis,” a crisis of “epistemology” and one of “overbearing policing.”
“Cryptocurrencies are uncorrelated to traditional assets.”
Ethereum co-founder Vitalik Buterin challenged the idea that the Bitcoin narrative around inflation is the only important aspect of the current situation. He agreed that the money printer did go “brrrrr” but that’s a relatively small portion of what is going on, and even there inflation is still going *down* not up.” Ethereum co-founder added another narrative that cryptocurrencies are uncorrelated to traditional assets, which have not been discussed so far. As proof, he showed a chart of the downturn in the S&P 500 in March, at the same time, the value of Bitcoin and other cryptocurrencies dropped more than 50%.
On 2008 vs 2020, and what it means for crypto(currency).
I've said this already at some of the recent newfangled e-conferences, but want to reshare here too.
— vitalik.eth (@VitalikButerin) June 2, 2020
“Bitcoin is the peaceful protest.”
Earlier, the CEO of one of the leading crypto exchanges in the world Binance, had put out a tweet saying that bitcoin is the peaceful protest. The tweet was in reference to the current protest going all over the United States over the murder of George Floyd by the hands of police officers in Minneapolis. The current protests in the US are against ongoing police brutality and racial injustice against the African-American community. Vitalik Buterin tweeted commenting on Binance CEO’s comment about bitcoin is the peaceful protest that this is exactly what we should be expanding beyond right now. Reforming money is not sufficient, he added.
#Bitcoin is the peaceful protest.
— CZ Binance 🔶🔶🔶 (@cz_binance) June 1, 2020