Ethereum co-founder Vitalik Buterin is unsurprisingly bullish about the future of cryptocurrencies. According to him, digitalization will be widespread in the near future and people will have no choice but to go the crypto way.
Speaking on a recent Block TV podcast, Buterin said that apart from digitalization, people will most definitely prefer to use privacy-focused currencies than others. He specifically said that these privacy coins will be preferred to central bank digital currencies (CBDC). This might not be surprising when it is considered that the CBDCs are not decentralized and are still in full control of the state. This, he said, is the main problem with controlled crypto.
“The main challenge with central banks and even corporate currency is basically the concentration of power, the concentration or data collection – that you become dependent on potentially central intermediaries that can exercise a very fine-grained degree of control over who has the ability to participate in these systems and who can’t.”
Buterin shares the opinion of many crypto proponents who believe that the centralization with CBDCs might be a problem for its general adoption. Digital assets that have questionable decentralization frameworks are usually frowned at.
Last year, the Ethereum co-founder declared that including Ethereum, he also holds Bitcoin (BTC), and Bitcoin Cash (BCH), Zcash, and Dogecoin.