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Will cryptocurrencies replace traditional fiat currencies…Here’s what the founder of Ethereum thinks?

Will cryptocurrencies replace traditional fiat currencies…Here’s what the founder of Ethereum thinks?

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Answer Will cryptocurrencies replace traditional fiat currencies…Here’s what the founder of Ethereum thinks?

There are many who believe that digital currencies will one day replace traditional fiat currencies.

But the founder of Ethereum sees otherwise and argues that digital assets have no chance of stealing beyond traditional currencies.

Ethereum founder: Cryptocurrency will not take over the world

The global economy has not been at its best over the past several months.

Taking into account the ever-increasing prices of daily supplies and services and the ongoing war between Russia and Ukraine, the outlook looks even bleaker.

These negative trends have led many experts to assume that traditional currencies such as the dollar, the euro and others may lose some of their purchasing power.

Read:Hong Kong Financial Supervisory Authority’s Proposal to Restrict Cryptocurrency Trading

At the same time, individuals may shift their focus towards alternative assets, such as cryptocurrencies, to preserve their wealth.

According to Russian programmer Vitalik Buterin, one of the founders of Ethereum, he rules out a scenario that bitcoin and altcoins become more dominant than traditional currencies, and added:

I don’t expect cryptocurrency to take over the world.

It’s about crypto, digitalization, and governments.

Before the coronavirus pandemic, Buterin praised conventional money for doing a reasonably good job of maintaining stability in the past few decades.

He saw monetary policy as a complex issue, hinting that traditional currencies should not be blown up without first understanding how they work.

What if Bitcoin could replace fiat currencies?

Last summer, former Greek finance minister Yanis Varoufakis argued that replacing bitcoin with national currencies could be a disastrous move.

From his point of view, the main reason why this has not happened is the limited supply of cryptocurrencies, and he goes on to explain:

We will all be in dire straits now.

What will happen when we have a pandemic and need to increase the money supply?

Read:After 34 months… OmiseGo Network records the first transaction on its main network

You cannot increase the supply of bitcoin because it has a fixed supply.

On the other hand, many experts believe that the maximum supply of Bitcoin of 21 million blocks is not a flaw but rather the opposite, that is, they see the limited supply as an advantage that makes Bitcoin increase in value over time.

Read:The Ethereum coin achieves a historical record above 3000 dollars, and the founder of Ethereum becomes the youngest crypto billionaire

The value of the dollar, the euro, and other fiat currencies have fallen in the past several months due to the endless printing of central banks.

Not long ago, the investment manager at Van Eck, a company known for its bullish stance on bitcoin, predicted that bitcoin would replace traditional currencies as a global reserve asset.

The company claimed that in this case bitcoin could reach $1,300,000 and $4,800,000, while gold could reach $31,000 an ounce.

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