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Vitalik Buterin: El Salvador's approach to Bitcoin runs counter to the spirit of cryptocurrencies

Ethereum founder criticizes Nayib Bukele's Bitcoin Law

In the real battle that is raging inside El Salvador over the controversial Bitcoin Law set by Nayib Bukele, Now Vitalik Buterin also decided to speak, the founder of Ethereum. Which has taken a position that might be surprising, but in fact it is not at all. Especially in light of the ideology on which the cryptocurrency since the beginning. So let's see what Buterin said on the subject.

Vitalik Buterin - Vitalik Buterin: El Salvador's approach to Bitcoin is contrary to the spirit of cryptocurrencies

Vitalik Buterin vs Nayib Bukele

According to Vitalik Buterin, the law that sanctioned the legal tender of the Bitcoin within the territory of El Salvador it openly conflicts with the libertarian ideology on which cryptocurrencies were created. The number one of Ethereum said it in a post published on Reddit, in which he had no particular hesitation in attacking President Bukele for having imposed on local businesses the obligation to accept payments in BTC.
He then added that the mistake is even more tragic as the use of Bitcoin is imposed on millions of people who do not have any kind of education on what cryptocurrencies actually are. Consequently exposing them to the risk of being scammed or hacked, thereby losing their money.

Vitalik Buterin: Shame on the Bitcoin maximalists

Finally, Buterin did not fail to launch a very precise jab against the "maximalists" of Bitcoin. Who greeted Bukele's decision with uncritical enthusiasm, without taking into consideration the fact that the Bitcoin Law requires the acceptance of the token in payments. A provision therefore marked by the typical authoritarianism of the Salvadoran president, who even went so far as to lie, stating that the obligation in question does not exist. Instead, it is enough to examine the provision to easily realize how the obligation is clearly stated. Quite the opposite of that libertarian inspiration that has characterized the theories of cryptofans from the very beginning.

The Ethereum founder is not isolated in his criticism

It should also be emphasized that Buterin is certainly not isolated in his denunciation of the not too veiled authoritarianism that would be at the basis of the Bitcoin Law. During TOKEN2049 conference, which took place in London just over the past week, the co-founder of Blockchain. Com Nicolas Cary, in fact, stated that digital assets are based on a very specific ideological concept, according to which mass adoption of cryptocurrencies must not be imposed, but on a voluntary basis. That is the opposite of what is happening in the small central country America.

Buterin's heavy insinuation about Bukele

Buterin, however, in his post, did not fail to state what many think from the first moment in which the Salvadoran government decided to impose his measure. That is, at the basis of Bukele's decision there could be a purchase of tokens, the price of which would have been positively affected by the Bitcoin Law, resulting in a substantial gain for the President.
A very heavy accusation, which however assumes great relevance in light of the prestige enjoyed by the founder of Ethereum. However, by re-proposing a problem of no small importance, namely the effects on the markets of the decisions of rulers or big businessmen. After all, Tesla's decision to buy Bitcoin could also be based on a previous token purchase by Tesla. Elon Musk. As a Reddit user who was participating in the same discussion had a good game to remember.

 

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Dario Marchetti

I have a degree in Literature and Philosophy from the Sapienza University of Rome, with a thesis on the eastern border of Italy at the end of the First World War. I have collaborated with several sites on many issues and led the work group that published the official CD-Rom of the SS Lazio "History of a love" and "Photographic History of Magical Rome".

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