By Solomon Odunayo
Vitalik Buterin, the co-founder of Ethereum, has shared his thought on ETH’s future as ultra sound money during a conversation on the Bankless podcast, where he discussed Ethereum’s legitimacy.
The conversation was in line with an article published in March 2021 titled “The Most Important Scarce Resource is Legitimacy.”
Read Also: Vitalik Buterin donates about $600,000 in ETH and MKR towards India’s COVID-19 Relief
According to Buterin, legitimacy is a type of unwritten social force that governs the allocation of resources. The young billionaire categorized legitimacy into brute force, fairness, and process.
He agreed to the fact that forked chains such as Ethereum Classic and Bitcoin Satoshi Vision have been unable to beat their pacemakers because of the narrative called “legitimacy.”
Ethereum (ETH)’s Future As an “Ultra Sound Money”
In the course of the conversation, he also spoke about the future of Ethereum (ETH) as ultra sound money. “There’s a shift of legitimacy in thinking of ETH as a type of money of any kind,” Vitalik Buterin said.
According to Buterin, Ether is already gaining legitimacy in ultra sound money theory. He said the cryptocurrency is getting to the level where it will be vastly accepted as money like the flagship digital currency, Bitcoin (BTC).
Buterin stated that Ethereum (ETH) was initially meant to pay for gas fees, but things are obviously changing in terms of use cases.
Ethereum (ETH) and Other Cryptocurrencies in the Market
Ethereum (ETH) and other cryptocurrencies, except some proof-of-stake (PoS)-powered cryptos, are still struggling to regain their surging momentum after Elon Musk’s unfavorable tweet about Bitcoin (BTC).
The market looked like recovering a couple of hours ago until Square publicly stated that it has no plans to buy more Bitcoin due to the same issue with carbon footprint.
Read Also: Ryan Watkins of Messari: Ethereum Would Replace Bitcoin As Go-to Asset after ETH 2.0 Is Rolled Out
After the news went viral, both Bitcoin (BTC) and Ethereum (ETH) lost a portion of their respective values. Ethereum lost its hold on $4,000 support, while Bitcoin (BTC) dropped below the $50,000 support level.
At the time of filing this report, ETH is trading at $3,884.40, with a 0.71% price downtrend in the last 24 hours.
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