Ethereum’s Vitalik Buterin Says the Value of Ether, Unlike Bitcoin Comes from its Ecosystem

Ethereums co founder Vitalik Buterin says the value of the networks native coin ETH Unlike Bitcoin Comes from its Ecosystem
Ethereums co founder Vitalik Buterin says the value of the networks native coin ETH Unlike Bitcoin Comes from its Ecosystem

Ethereum’s co-creator, Vitalik Buterin has shared some insights into the ongoing debate about the unending fight for dominance between Bitcoin (BTC), and Ethereum (ETH). In a recent interview with The Stakeborg Talks podcast, Vitalik responded to the question of whether there is a likelihood we would see Ethereum flippening BTC in the future.

The Russian-Canadian programmer admitted that we could indeed see Ethereum surpassing Bitcoin, providing additional context to his comments;

“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum the value of the currency comes from the value of the ecosystem.”

Vitalik also commented on other aspects of blockchain development including the observable trends in the Decentralized Autonomous Organization (DAO) and Non-Fungible Tokens (NFTs). Per the former, Vitalik said he believes “DAOs are definitely going to be more important over time… In terms of what’s still missing from the DAO space, I don’t think there’s any one big thing, but more a lot of little things. When will be the first time a DAO decides to make a strategy pivot, or when will two DAOs decide to merge? It’s the ability to make big decisions and not just continue incrementally on the same path, that’s something I think we’ll see soon.”

Ethereum’s Value and Influence on NFTs

This year has seen a notable boom in NFTs and digital collectibles, with Ethereum’s ecosystem pioneering the value additions that many collectors are experiencing in the metaverse. Vitalik said he believes NFTs have helped to connect a new crop of users with the digital currency ecosystem who have an entirely different focus from what native decentralized finance (DeFi) protocols have to offer.

“I think NFTs have been interesting from a cultural perspective because they bring people into Ethereum that have a completely different mindset than DeFi and regular crypto people for example.”

The buzz in the NFT world is so high that Indian lawmakers are contemplating proposing crypto bills to include NFT laws as reported by TheCoinRise. The NFT embrace is driving new utility and frontiers amongst business brands, media platforms, and even political party lines.