Vitalik Buterin Slams Gold by Saying Crypto is the Better Bet

Pratik Bhuyan
October 28, 2022
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Ethereum’s star founder Vitalik Buterin has coined crypto as “the better bet” over gold & that gold is highly inconvenient in response to Zach Weinersmith, who questioned the benefits of crypto over gold.

The Gold vs Crypto Debate

Zach, who is a New York Times Bestselling author, suggested people should buy gold over Bitcoin as it already matches the core ethos of crypto, where there is no centralized authority for money. In response, Vitalik strongly objected to gold stating that it’s highly distressing and cumbersome to use. And it’s even more when trading with an unverified source or party & storage options being limited as multiple people cannot get access to it, like a multisig crypto wallet. 

In his conclusion on the gold versus crypto debate, he pointed out that, since gold has a lesser adoption than crypto, it makes crypto a much wiser alternative to opt for.

Uniswap’s founder Hayden Adam also came out in support of Buterin, adding that “gold also has the risk of huge centrally controlled inflation due to asteroid mining.”

However, some industry experts consider both crypto and gold to be the same. As, during the current market downturn, neither crypto nor gold lived up to their claims of being a hedge against inflation.

Vitalik’s Take on Bitcoin

Vitalik’s distaste for gold can be traced back to 2018, when he tweeted that Bitcoin was a much better store of value than gold, even if the PoW system was a concern.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.