On July 29, Vitalik Buterin discussed the necessity of infrastructure around Bitcoin and Ethereum, and the need to create better ways for the public to invest in major digital assets.
Specifically, Buterin addressed the more institutionally-connected Bitcoin exchange-traded funds (ETFs). In his Tweet, Buterin inferred that the institutional direction is not where the cryptocurrency industry needs to go. Instead, he said that the industry needs to focus more on the practical applications for digital currencies for people on the street, to makecrypto as widely available as possible, and make digital asset purchases as easy as it is to buy gift/debit cards today.
I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.
— Vitalik Non-giver of Ether (@VitalikButerin) July 29, 2018
Over the past week, Bitcoin rallied to a two-month high of over $8,300. Some within the cryptocurrency community believe that the price increases were related to speculation that one of the several ETF proposals submitted to the SEC recently was soon be accepted.
Unfortunately, that wasn’t the case.What happened? The U.S. financial watchdog rejected theETF proposal of Cameron and Tyler Winklevoss– owners of the Gemini Exchange platform.August 16 is the SEC’s deadline to act on these specific proposals.