Ethereum’s star founder Vitalik Buterin has coined crypto as “the better bet” over gold & that gold is highly inconvenient in response to Zach Weinersmith, who questioned the benefits of crypto over gold.
Gold is incredibly inconvenient. It's difficult to use, particularly when transacting with untrusted parties. It doesn't support safe storage options like multisig. At this point, gold has less adoption than crypto, so crypto is the better bet.
— vitalik.eth (@VitalikButerin) October 26, 2022
Zach, who is a New York Times Bestselling author, suggested people should buy gold over Bitcoin as it already matches the core ethos of crypto, where there is no centralized authority for money. In response, Vitalik strongly objected to gold stating that it’s highly distressing and cumbersome to use. And it’s even more when trading with an unverified source or party & storage options being limited as multiple people cannot get access to it, like a multisig crypto wallet.
In his conclusion on the gold versus crypto debate, he pointed out that, since gold has a lesser adoption than crypto, it makes crypto a much wiser alternative to opt for.
Uniswap’s founder Hayden Adam also came out in support of Buterin, adding that “gold also has the risk of huge centrally controlled inflation due to asteroid mining.”
However, some industry experts consider both crypto and gold to be the same. As, during the current market downturn, neither crypto nor gold lived up to their claims of being a hedge against inflation.
