Top cryptocurrencies Bitcoin and Ethereum have had an explosive start to the New Year. BTC has rallied to a new all-time high above $34K while ETH just broke above the $1K psychological barrier and seems poised to climb higher.
According to Ethereum founder Vitalik Buterin, cryptocurrencies will continue gaining popularity against gold, which is down against BTC by around 66% over the past 12 months.
Buterin Airs His Ideas
Buterin’s remarks came in a blunt endnote on 2020, where the ETH founder argued for an “underrated” bull case for crypto. He commented:
“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame, and that $9 trillion has to go somewhere.”
This statement seems to be a direct lunge at renowned crypto critic Peter Schiff who recently argued that gold is a more efficient payment method than BTC.
As the Covid-19 pandemic has forced the world to turn to digital payments, Buterin sees the role of blockchains and crypto becoming more prevalent.
Moreover, quantitative government easing will heap even more debt on the young generation in 2021, forcing them to allocate capital to new forms of money, particularly crypto.
The younger demographic will also find alternative finance innovations such as