Ethereum Co-Founder Vitalik Buterin Not Happy with Pro-Crypto Political Stands

by

As a seasoned researcher with a deep interest in the intersection of technology and politics, I find Vitalik Buterin’s recent warning against blindly supporting political candidates for their pro-crypto stands to be a thought-provoking perspective. Having closely followed the crypto space for years, I have seen how authoritarian regimes have co-opted cryptocurrencies as part of their narrative, making it essential for us to consider broader issues beyond just crypto policies while making our political choices.

In a recent blog entry published on July 17, Ethereum co-founder Vitalik Buterin advised against blindly supporting political figures solely based on their pro-cryptocurrency stances. This recommendation arises as the crypto community has been extensively backing and donating to former US President Donald Trump.

Buterin pointed out that candidates with authoritarian leanings tend to express supportive views towards cryptocurrencies. He used Russia as a case in point, mentioning President Putin’s occasional receptiveness to digital currencies. Therefore, when casting their votes, Buterin urges people to take into account factors beyond crypto-related policies.

Buterin expressed that political figures might take pro-crypto stances to win public favor as a consequence of this backing.

Authoritarian regimes often adopt a sneaky approach towards cryptocurrencies, which can be quite deceptive. A prime illustration of this trend is present-day Russia.

In recent weeks, some big names from the tech industry in Silicon Valley, such as venture capitalist Peter Thiel and Tesla’s Elon Musk, have expressed their backing for Donald Trump. This support comes not only from crypto industry veterans but also from these prominent figures.

I, Trump, have made assertive declarations concerning cryptocurrencies. Among these pledges are the acceptance of digital currency donations and the commitment to uphold self-custody rights for investors. Furthermore, I vowed to act as a shield against Senator Elizabeth Warren and her supporters who may pose potential threats to Bitcoin holders.

Last month, Donald Trump expressed his intent to significantly back the Bitcoin mining sector if he were to regain the presidency. Trump’s commitment to this industry will be reinforced as he speaks at the Bitcoin 2024 conference in Nashville, Tennessee, on July 27.

Cardano Chief Slams Vitalik Buterin

Charles Hoskinson, the CEO of Cardano, disagrees with Vitalik Buterin’s perspective that crypto should be entirely free from government interference. Instead, Hoskinson acknowledges that while his main objective is to keep governments out of cryptocurrency, there are instances where their involvement becomes necessary.

He voiced opposition to initiatives like central bank digital currencies (CBDCs) and regulatory steps targeting non-custodial wallets and crypto figures, viewing these moves as potentially detrimental for the sector.

Hoskinson issued a caution against backing politicians who advocate for measures harmful to the crypto industry. In reference to the Biden administration, Hoskinson stated that “voting for Biden is equivalent to the demise of the American cryptocurrency sector.” He encouraged voters to choose candidates who are pro-cryptocurrency, implying that political consequences could discourage governments from taking hostile actions against the industry.

Read More

2024-07-18 15:13