Ethereum co-founder Vitalik Buterin explained in a series of tweets how the current financial crisis is very different from the 2008 Global Financial Crisis that gave birth to cryptocurrency bitcoin. Buterin said that 2020 is not a repeat of the financial crisis of 2008, but it is a “virus crisis,” a crisis of “epistemology” and one of “overbearing policing.”
Buterin added another narrative that cryptocurrencies are uncorrelated to traditional assets, which have not been discussed so far. As proof, he showed a chart of the downturn in the S&P 500 in March, at the same time, the value of Bitcoin and other cryptocurrencies dropped more than 50%.
Vitalik Buterin tweeted commenting on Binance CEO’s comment about bitcoin is the peaceful protest that this is exactly what we should be expanding beyond right now. Reforming money is not sufficient, he added.
Earlier, the CEO of one of the leading crypto exchanges in the world Binance, had put out a tweet saying that bitcoin is the peaceful protest. The tweet was in reference to the current protest going all over the United States over the murder of George Floyd by the hands of police officers in Minneapolis. The current protests in the US are against ongoing police brutality and racial injustice against the African-American community.
