Buterin says Bitcoin and other crypto surge is ‘underrated’

A lot of investors and crypto experts have speculated how cryptocurrency’s bullish run will last, but Ethereum founder Vitalik Buterin says that these continuous value hikes are ‘underrated’ bull cases in the crypto sphere.

‘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’, he said.

The world has seen Bitcoin’s value surge in the market since October of last year, soaring past its peak in 2017 and reaching the US$30,000-mark for the first time ever. In 2020 alone, BTC’s price climbed over 300%, which is an amazing feat in the crypto community. Despite its sudden drop in March due to the coronavirus pandemic, it quickly got back on its feet and is here to stay.

As Bitcoin’s value continues to hike, a lot of investors in the market have recognized it as an astounding coin. ‘If the gold bet works, the bitcoin bet will probably work better because it’s thinner, more illiquid and has a lot more beta to it’, said Stanley Druckenmiller, a famous billionaire investor and hedge fund manager for the last 30 years.

Meanwhile, Ethereum, the second-best performing coin in the market, also picked up pace in the race and soared to a staggering 600% throughout 2020.

According to Vitalik, the world is entering an era where digital assets will play an important role in the economy.

‘A world where blockchains and cryptocurrencies are well poised to play an important part, though for reasons much more complex than many people think, and having as much to do with cultural forces as anything financial’, he said.

Meanwhile, other crypto experts also mimicked Buterin’s thoughts on the role of digital assets.

Aside from investors, a survey by eToro, an exchange platform, shows that millennials and young investors are more inclined to invest in Bitcoin and other digital currencies. The data gathered projected that the current generation has more ‘trust’ in cryptocurrencies compared to traditional assets.

‘I believe that governments will respond to all of these economic challenges by continuing to print fiat money without restraint and by taxing and regulating innovative new companies to protect old and dying companies’, said Fred Wilson, a venture capitalist, in a blog post.