The founder of Ethereum Vitalik Buterin has said that he believes the cryptocurrency community places too much importance on an Exchange-traded fund (ETFs) rather than improving its usability. He believes that there needs to be more work to make it easier for consumers to purchase products and services using cryptocurrencies via payment cards and other methods.
He made the comments in a recent tweet, adding that making it easier for people to access will do more for mass adoption than by placing an emphasis on investors and ETFs.
Encouraging people to adopt crypto
Unsurprisingly, the tweet garnered a lot of attention and commentators were quick to point out that as soon as people are able to earn their cryptocurrency, it will encourage them to adopt it because when someone earns in a particular crypto coin, there would be no need to convert it to fiat.
Another Twitter user noted that various attempts to make crypto usable for retail transactions were stopped due to regulatory concerns stopping businesses from issuing cards.
A catalyst for mass adoption
Whilst it is clear that Buterin considers ease of use as the main catalyst for mass adoption, many believe that the availability of cryptocurrency ETFs would also help things along a little.
Recently, the US Securities and Exchange Commission (SEC) recently stated that Bitcoin and Ethereum are not securities- a decision that was welcomed by the cryptocurrency community. Some have viewed the SEC’s clarification as further validation of Coinbases’s recent move to support the ERC-20 token standard. Coinbase’s general manager and VP San Romero recently said that the current phase of crypto-regulation should allow a company to integrate their digital assets as long as they are not considered as securities.
There is no doubt that the adoption of cryptocurrency by the masses is something that needs to happen sooner rather than later, how it will happen is a matter for much debate. One thing is clear and that is that stakeholders need to work together to create a business, regulatory, and social environment where the benefits of this new technology can be seen and tried by all.
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