Vitalik Buterin, the co-founder of Ethereum, has attacked the El Salvador government for their Bitcoin adoption. Buterin’s comments came during his interaction on Reddit, where he targeted Bitcoin maximalists and said it was very easy to impress them since all you had to do was praise BTC and they would be over your head. Buterin’s response was about the role of President Nayib Bukele and why he should not be celebrated as a hero. Buterin said
“Easier and more stupid hypothesis: For political reasons as well as because he’s human like the rest of us, he just loves to be praised by people he thinks are powerful (e.g. Americans). Bitcoin maximalists are a very easy community to praise you: they just have to be in a position of power and do or say nice things about them and their coins. “
The introduction of Bitcoin as legal tender in El Salvador has generated different reactions from different people to possible financial instability.
However, the Ethereum co-founder’s comments came as a shock to many. When asked if he would have criticized Ethereum maximalist if a country had chosen ETH, Buterin pointed to numerous occasions in which he had criticized Ethereum supporters.
Is Vitalik right with his criticism?
El Salvador and President Bukele have faced a lot of backlash from the world over the introduction of Bitcoin. However, it’s important to note that the U.S. dollar is still legal tender in the country and people have a choice between the two. The main concern lies in the overwhelming promotion of Bitcoin usage by the president, which many outsiders believe is incorrect.
President Bukele, on the other hand, says the introduction of BTC is no accident and is being carried out to ensure that the 70% of the population without a bank account can access banking facilities through their mobile phones. El Salvador also builds clean Bitcoin mining rigs that run on volcanic energy.
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About the author
As a graduate engineer, Prashant focuses on the British and Indian markets. As a crypto journalist, his interest lies in the introduction of blockchain technology in emerging countries.