Ethereum co-founder Vitalik Buterin on July 29 tweeted about much attention been given to ETFs rather than taking steps to make cryptocurrency an easy method of making payments for day to day purchases through payment cards. He agreed that an ETF will have positive impact on cryptocurrency prices but making it easy to use will be right to bring mass adoption possible.
“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”
As expected the tweet received a lot of response. People kept pouring in their opinion on what Vitalik Tweeted. As per one of the tweeter responded it’s altogether a false comparison as BTC and ETH are polymorphic functioning as investments and a medium of exchange /commodity. ETFs simplify the investment while cards/payment solutions would simplify the medium of exchange use case.
One tweeter highlighted that ability to earn cryptocuurency seems to spur adoption more than the ability to buy small amounts.When you earn cryptocurrency, you never have to deal with the fiat on ramp where all the friction is at.
The U.S. Securities and Exchange Commission (SEC) has already clarified that bitcoin and ethereum are not securities. For some the clarification by SEC validated coinbase’s recent move to support ERC-20 token.
Vitalik advocates the ease of use for everyday payments as a vital thing to mass adoption, what role availability of cryptocurrency ETFs will play is an important thing to be considered .