vitalik buterin - Pwim.Net

Ethereum, Cardano and Other Altcoins Slandered by Blockstream CEO as Ponzi Schemes

Blockstream CEO Adam Back publicly stated that Ethereum and other altcoins were Ponzi schemes, angering Ethereum co-founders Vitalik Buterin and Charles Hoskinson.

Bitcoin Pioneer Not Warming Up to Altcoins

The Bitcoin enthusiast took to his Twitter platform and compared Bitconnect, Ethereum, Cardano, Ripple, and other altcoins as being similar to well-known Ponzi schemes. Adam Back’s rant on Twitter called out a lot of big names in the game, as he tweeted:

“Bitconnect, Charles Ponzi, Ethereum, Onecoin, Cardano, Ripple, Bernie Madoff, Stellar, Dan Larmer. All looking very similar grade to me.”

Bitconnect and Onecoin consist of two famous cryptos that were later revealed to be Ponzi schemes —investment scams that promise high rates of return but operate similarly to pyramid schemes by generating a return for earlier investors by recruiting new investors to the Ponzi. These scams originated from Bernie Madoff and Charles Ponzi.

Vitalik Buterin on Ethereum

Needless to say, Buterin and his counterpart Hoskinson, who recently announced big news pertaining to his crypto empire Cardano with the launch of Shelley hard fork. Vitalik Buterin took his frustrations to his Twitter account and retorted:

“Ethereum is rising, proof of stake and sharding are rising, and rollups are here, all through a large distributed ecosystem working in parallel.”

The Ethereum founder stood by his blockchain company and countered Back’s statement by classifying it as old, ineffective propaganda.

Ethereum Announces Testnet Launch

The blockchain network had recently announced exciting news, coming forward with their long-anticipated final ETH 2.0 testnet launch, that was released on August 4, at 1 pm UTC. The testnet operates using a multi-client principal and is the test blockchain that will enable a transition from a Proof-of-Work to a Proof-of-Stake protocol for Ethereum.

Cardano — One Step Closer to Full Decentralization

Cardano founder Hoskinson also did not let Back’s comment slide, as he addressed Back and stated that it was pathetic that the Blockstream CEO lumped Cardano, Charles Ponzi and Bernie Madoff together.

The Cardano founder has been hard at work lately, with performance updates coming out for the Shelley network. Cardano is inching towards full decentralization, adding onto its existent features by adopting smart contracts, and decentralized applications (Dapps).

Cardano’s next development phase is the Goguen era, which is expected to begin in the third quarter of 2020 with its testnet release.

Vitalik Buterin Sceptical About DeFi Yield Farming, Compares It to US Federal Reserve Money Printing

Vitalik Buterin has criticized the yield farming craze that has been ongoing in the decentralized finance (DeFi) sector, comparing it to the US Federal Reserve’s mass printing strategy.

Buterin thinks yield farming is unsustainable

The Ethereum co-founder has advised against the yield farming strategy that has gained increasing popularity among the DeFi community and that has partially enabled digital assets such as the Yield.finance (YFI) governance token to gain traction in the market. The DeFi token recently experienced a new record-high of $39,600 on coin exchange Binance, surging by 25%.

Buterin called out the craze of yield farming and said that it was a short-term thing, implying that it was not realistic in the long run. He addressed the sharp supply inflation of many governance tokens, indicating that coins would have to be constantly printed for the ecosystem to keep on running, which was far from ideal for sustainability issues. Taking to his Twitter, Buterin said:

“Seriously, the sheer volume of coins that needs to be printed nonstop to pay liquidity providers in these 50-100%/year yield farming regimes makes major national central banks look like they’re all run by Ron Paul.”

Ron Paul is a retired politician who criticized the establishment of the Federal Reserve and who ran for President of the United States on three separate occasions. Buterin, who is currently working on a multiclient testnet project “Medalla” to attain a full proof-of-stake protocol, is a solid advocate of staking – a software protocol that rewards you with more crypto when you use your digital assets to verify transactions and support the blockchain network.

Scalability issues with DeFi run on Ethereum?

As with yield farming, the DeFi platform awards governance tokens to users who generate liquidity, either through borrowing, lending, or token exchange. These tokens can be used to vote on proposals to update a blockchain network. Governance tokens offer a large monetary reward, as evidenced by DeFi tokens Yearn.finance (YFI) and Aave (LEND)’s digital yields. However, as more tokens have been locked into DeFi projects, their supply is limited.

As DeFi protocols operate mainly on the Ethereum blockchain and the DeFi industry is currently booming and increasingly leveraged by emerging economies, concerns about the Ethereum network’s scalability have once again resurfaced. Due to the complexity of smart contract protocols on Ethereum and most DeFi projects running on the open-source blockchain platform, transaction fees to unlock basic operations have hit triple-figures.

Buterin has announced that “sharding” will be tested out in Phase 1 of Medalla testnet, which is the final testnet set in place before a complete transition to proof-of-stake is adopted by Ethereum. Buterin hopes that bugs and scalability issues can be worked out with Medalla test chain, before Ethereum 2.0 mainnet’s anticipated launch, anticipated for the end of 2022 if all goes well.

USD is dropping, investors looking for hedges

As the US dollar keeps depreciating with the Federal Reserve’s mass money printing strategy to deliver COVID-19 stimulus relief, big-name investors such as Warren Buffett have sought out other hedges to secure their funds. Warren Buffett has recently announced that he was investing in the Japanese market and moving his assets out of USD. As for the Winklevoss twins, the Gemini co-founders have long touted Bitcoin’s horn and advised people to invest in the digital asset, as they assert that the cryptocurrency is only going to keep soaring in value. The Winklevoss brothers have repeatedly said that Bitcoin was the way to go, backing their belief by saying that the “digital gold” asset had a limited supply of 21 million, and its value will consequently rise.

Winklevoss Backs Ethereum DeFi Craze, Despite Crypto Downtrend and Market Experts' Concerns

Despite speculations that the decentralized finance (DeFi) industry is rapidly approaching bubble territory, the Winklevoss twins affirmed the contrary, saying that the current DeFi craze is a revolution in the making.

Is the DeFi bubble going to burst?

This week, DeFi tokens have been in the red, with the crypto market struggling to stay afloat and maintain an upward trend. Some of the largest DeFi tokens by market capitalization have recorded high double-digit price dips this week, such as UMA, YFI (Yearn.Finance), LEND (Aave), and COMP (Compound).

However, despite the bearish momentum, the Winklevoss twins have asserted that DeFi’s boom was here to stay. The Bitcoin billionaires backed the Ethereum-based financial protocols, saying that the current DeFi boom was nothing like the “2017 initial coin offering craze”, where ICO became highly popularized before the crypto bubble burst, with nearly half of the projects failing by 2018.

Gemini co-founder Cameron Winklevoss said:

“DeFi is not the same as the 2017 ICO craze. Back then, money was raised on shitcoin white papers written in a coffee shop. DeFi is already live and working in the wild. Billions of dollars are at work earning positive yield. This isn’t hypothetical vaporware, this is real.”

Winklevoss expressed that the current decentralized finance hype was here to stay, going against a major concern that many investors seem to be having. Some crypto experts, such as Ethereum co-founder Vitalik Buterin, expressed that DeFi seemed to be unsustainable in the long run.

Buterin previously addressed the sharp supply inflation perceived among many governance tokens and said that they would have to be printed constantly to keep the underlying ecosystem running. In the long run, yield farming tokens would prove to be unsustainable, according to the Ethereum co-founder.

Cameron Winklevoss and Buterin appear to be divided on their stance about the DeFi industry’s sustainability. Tyler Winklevoss backed his brother and expressed through a tweet:

“Yield is something you used to earn from your bank. Now you earn it from a smart contract. The #DeFi revolution is upon us…”

Yield farming consists of a way in which DeFi projects award governance tokens to users who generate liquidity, either through borrowing, lending, or token exchange.

The gained crypto assets are locked into a specific DeFi protocol, which operates off the Ethereum blockchain for the most part. It is in a way comparable to the annual interest an investor can earn from keeping money in a traditional banking institution.

Uniswap’s UNI bounces back

Currently, despite the observed downtrend of the majority of the crypto market, Uniswap’s UNI token has recorded a rebound within the past 24 hours, making an 11 percent gain within a day. UNI token was only launched last week, with one billion governance tokens minted. At the time of writing, Uniswap’s platform is ranked first on the DeFi market in terms of total value locked (TVL), estimated to be worth $1.7 billion cryptocurrencies.

Ethereum's Vitalik Buterin Considers Creating App Store After Google Demands 30% Cut

Beginning on September 30, 2021, all applications on the Google App store will be mandated to make use of Google’s payment system for all In-App Purchases (IAP), giving the tech giant a 30% cut of all purchases as reported by Google.

The report which closely replicates Apple’s earlier strategy to monopolize IAP for all apps on the App store has stirred Ethereum founder, Vitalik Buterin to mull the need for competition to rise to combat Play and App stores dominance and ultimately in operating systems software.

According to Google’s Sameer Samat, Vice President, Product Management:

“We have heard feedback that our policy language could be more clear regarding which types of transactions require the use of Google Play’s billing system, and that the current language was causing confusion. We want to be sure our policies are clear and up to date so they can be applied consistently and fairly to all developers, and so we have clarified the language in our Payments Policy to be more explicit that all developers selling digital goods in their apps are required to use Google Play’s billing system.”

From Buterin’s reaction, the new policy may push the Russian-Canadian developer to begin experimenting with “decentralized reputation systems,” a feat if not seriously considered may usher in more centralized middlemen. He tweeted:

“Honestly we should just build our own app store and ideally experiment with decentralized reputation systems to push out the scams but without that becoming a backdoor for centralized middlemen.”

Despite the rebuff, the new IAP policy has stirred among some blockchain juggernauts, it is essential to note that Google has a seemingly close tie with crypto exchanges such as Coinbase who once integrated Google Pay as one of the options for making cryptocurrency deposits on the platform.

However, whether Google’s payment options will be able to serve the blockchain companies with apps hosted on the Play Store is not one of Buterin’s major concerns, but the monopoly. Google may however do more to gain an industry-wide acceptance in relation to privacy issues as seeing it was once embroiled in a privacy lawsuit.

Will DeFi Migrate to New Blockchain Platforms with the Surge in Ethereum Gas Prices?

With the rise in decentralized finance (DeFi) being one of the biggest hits of the blockchain industry in 2020, experts have questioned whether Ethereum, the underlying infrastructure for most DeFi protocols, could sustain the sheer volume of transactions in the long run.

DeFi hype escalates, gwei soars

The decentralized finance (DeFi) sector has undoubtedly revolutionized the crypto and blockchain industry this year, with over $10 billion in total value locked in its smart contract applications.

Currently, most decentralized finance apps (dApps) run on the Ethereum blockchain. However, as the amount of crypto assets pouring into DeFi has increased, developers and industry experts have questioned whether the Ethereum blockchain could sustain the growing amount of transactions over the long run, as fees have surged.

Over the recent months, Ethereum (ETH) gas prices have soared considerably as more and more projects have onboarded the DeFi bandwagon. Gas prices have even been reported to hit highs of 700 gwei, with the largest DeFi protocol on the market, Uniswap, causing major network congestion when its governance token UNI was distributed to DeFi users following its launch. On average, Ethereum gas prices are usually around 416 gwei.

The number of new users taking to the Ethereum network seems to also have increased with DeFi’s boom, as the number of wallet addresses holding Ether (ETH) recorded a new all-time high recently, at 10,116,076.

In addition, the current number of DeFi projects has more than doubled over the summer, according to data from DeFi Pulse. Whereas the industry used to only have 20 projects, new DeFi protocols have appeared, with the leading projects being Uniswap, Maker, and Aave.

Can Ethereum sustain the DeFi boom?

With the surge in activity on the blockchain, Ethereum co-founder Vitalik Buterin and other industry experts have questioned whether the Ethereum blockchain infrastructure was scalable enough to sustain the DeFi boom in the long run.

Vitalik Buterin had previously addressed the issue of scalability and criticized the yield farming strategy employed by DeFi enthusiasts, saying it was a short-term thing. With Ethereum 2.0 mainnet in the works, Buterin hopes that the issue of scalability will be solved on the chain, through sharding.

The Ethereum co-founder has also broached the issue of high fees on the network and said that it may be gone sooner than expected, hypothetically before ETH 2.0 launch.

Others want in on DeFi

Despite Ethereum 2.0 being in the works to deliver an even more decentralized, secure, and scalable blockchain solution than the current mainnet, DeFi developers have already been scrambling to look for other platforms to host their dApps.

A potential contender is Radix, a first-layer platform that is specifically designed for DeFi applications. Through their consensus model Cerberus, the platform targets the “blockchain trilemma” brought up by Buterin and other blockchain experts to deliver decentralization, security, and scalability solutions for a seamless user experience. The consensus project leveraging a sharding and consensus model is also about to launch its own ERC-20 token.

However, Ethereum has been a high performer this year, with ETH hash rates hitting a new all-time high and surpassing 250 TH/s for the first time in over two years this week.

It also remains dominant on the market, outperforming Bitcoin in terms of gains. Currently, it is trading at $340.04 on the market, as of press time.

Competing with Ethereum

Whether DeFi protocols will run on other networks seem to be inevitable, especially if the issue of high transaction fees and scalability is not addressed and solved by Ethereum. Also, with other projects looking to capitalize on the DeFi boom and profit from it, the adoption of DeFi projects on other competing chains seem to be inevitable. However, gaining the same monopoly as Ethereum will prove to be an ambitious task.

Ethereum Dominates DeFi with 96% of Transactions, Buterin Discusses ETH Gas Fees

Ethereum has set the tone for the decentralized finance (DeFi) boom this year, and according to DeFi analytics, it seems to have dominated particularly during the third quarter of 2020.

Ethereum’s solid performance in Q3 due to DeFi

According to DeFi data analytics DappRadar, most decentralized finance applications and projects operate off the Ethereum network, with ETH’s total value locked surpassing $10 billion at the time of writing. The top DeFi projects are attributed to Uniswap protocol, MakerDAO, Curve, Wrapped Bitcoin (WBTC), and Aave.

Analysts have also observed that 96% of DeFi’s total transactions were carried out on the Ethereum network in the third quarter (Q3) of this year. Uniswap (UNI), MakerDAO (DAI), and Curve were responsible for most of the transaction volume. With Uniswap’s growing popularity, the amount of transactions also spiked momentarily when UNI governance token was first introduced and made freely available for claim for anyone who had ever used the platform.

The DeFi craze has sent Ethereum transaction fees through the roof, hitting an all-time high last month. In Q3, the total amount of miner fees soared from $100,000 to $900,000 in less than an hour. Data from crypto analytics firm Glassnode showed that Ethereum (ETH) miners saw an increase in their revenue, as a response to high gas fees (gwei) on the blockchain network.

Ethereum network fees spike

ETH miners made as much as $166 million from transaction fees in September, surpassing Bitcoin miner revenue, which seems to have decreased in comparison. This suggests that it is way more profitable to mine Ether than Bitcoin.

With the growing amount of crypto assets pouring into DeFi, and industry experts have repeatedly questioned whether the Ethereum blockchain could sustain the growing amount of transactions in the long run.

Co-founder of Ethereum Vitalik Buterin had previously assured that his team of developers was actively working on decreasing ETH gas fees. Taking to his Twitter, he provided an update and said that rollups, a layer 2 cryptographic technique designed to improve scalability on the chain, was currently in the works by devs to increase Ethereum’s performance and decrease network fees. Referencing an example of “healthy transaction activity”, he said:

“When gas prices get back to the troposphere, great things happen. Let’s hope we get rollups out soon so every day can be like this (actually probably even >10x cheaper).”

As transaction fees are going up, other smart contract platforms, such as Binance Smart Chain Radix, among others, on DeFi’s current boom and take on Ethereum as a competitor.

In tandem with the DeFi boom, Ether’s price rallied on the market over the weekend. At the time of writing, it is trading at roughly $375 on CoinGecko and is up by 6.4% in the last week.

Ethereum’s Zinken Testnet Launch Is a Huge Success, Buterin Says “Scalability Will Go Up” on Eth 2.0

After having suffered from low validator participation on the last “dress rehearsal” they launched in preparation for Ethereum 2.0 blockchain, Ethereum developers have finally achieved a successful testnet release with Zinken.

Spadina testnet fails, enter Zinken

Zinken, another short-term rehearsal testnet launch by developers to prepare for the official release of Ethereum 2.0 mainnet’s Phase 0, has proven to be successful, unlike its precedent Spadina. The goal of Zinken is mainly for developers and stakers to practice the genesis process.

Since genesis is considered “a risky and difficult part of the process,” the Ethereum team have set up a few testnets in parallel with Medalla in order for validators to practice before Ethereum 2.0 mainnet was released and there was real Ether (ETH) at stake, so to speak.

Zinken’s launch was reported to have been smooth sailing, with enough participation to keep the chain running. In addition, no major bugs were observed.

Zinken testnet proves to be successful

Unlike Spadina and Medalla when both were first launched, Zinken did not suffer from low participation rates, which are generally due to validators who signed up for the testnet failing to bring their clients online. Zinken is the first testnet to have achieved the finality threshold within a few minutes of its release, making it the most successful “launch rehearsal” for the team so far.

Maintaining a high participation rate during testnet launches is crucial to the health of the blockchain. For the network to run smoothly, at least 66% of the blocks need to be confirmed for finality to be achieved. With Zinken, though participation rates still did not hit an ideal standard of 90%, it was still recorded to be above 75%, making Ethereum developers optimistic about the anticipated 2020 launch of Ethereum 2.0 Phase 0.

Ethereum co-founder Vitalik Buterin was also present during the launch of Zinken, and he announced that his team might still hold a few more testnet rehearsals, but they would likely exclusively be reserved for Ethereum developers.

What to expect from Phase 0 of ETH 2.0 mainnet

Ethereum 2.0 mainnet will be launched in different steps so that the blockchain could be broken down and perfected to the last details. The first step, Phase 0, will feature a beacon chain, which is the first building block for the new mainnet.

The current Ethereum 1.0 blockchain will operate in parallel with Ethereum 2.0. On the new main chain, which is to run on a pure Proof-of-Stake protocol, the Ether (ETH) that stakers input will be locked in. Transfers and withdrawals will not be possible until other phases of the Ethereum 2.0 blockchain are launched.

Speaking about his team’s anticipation of the first phase of Ethereum 2.0 being launched in 2020, Ethereum Foundation’s lead coordinator Danny Ryan said his team was on track for the 2020 launch of Ethereum mainnet, even if there were still a few things to be perfected through testnets like Zinken. He said:

“This is an ongoing dialogue with client teams, and we need to take a second to look at this testnet. But it is my understanding that this will trigger the next series of things. There’s always blockers that might show up, so we need to do this responsibly.”

What about high Ethereum gas fees?

In a live stream for Zinken’s launch, an Ethereum developer asked Buterin “whether transaction fees on Ethereum are once again going to fall so low that it would onboard the unbanked, or bank the unbanked, with solutions like layer 2 and sharding coming up.” He asked if he thought layer 2 solutions and sharding was going to help bank the unbanked.

To which Buterin replied:

“I think so. If we can get rollups and sharding out, then the scalability of the Ethereum chain is going to go up by a very large factor, of anywhere from 100 to 10,000, depending on which technologies are stuck together. That increase is going to be enough to give application developers hope that if they build something that reaches 10 million users, they are still going to be able to run it.”

What is Ethereum Founder Vitalik Buterin’s Net Worth?

Ethereum founder Vitalik Buterin’s net worth must be growing as the eth price continues to surge gaining more than 7% in the last 24 hours.

The Ethereum founder is believed to personally own around 365,000 in eth cryptocurrency and it was reported by the IBM times on March 30, that Vitalik Buterin had a net worth of around $100 million dollars at the time.

A staggering amount for the young Canadian crypto prodigy—but on March 30, the Ethereum price was only $131.65, meaning that of this $100 million dollars Buterin’s alleged eth crypto holdings made up roughly $48 million of his fortune.

At time of writing the Ethereum price is now $435 per coin, making Buterin’s eth holdings now worth $158,777,000. While this money is not liquid, with cryptocurrency it very quickly could be, and Buterin will not be obligated to pay any tax on these gains unless he sells the crypto, which would mark a realized profit.

Factoring back in the original $52 million from March 2020 plus the $158,777,000, at time of writing Vitalik Buterin’s net worth should be roughly over $210 million dollars.

Buterin Turned Down Google

Back in August 2018, it was revealed that Buterin had once been approached by Google who tried to hire the young computer engineer on an intern’s salary.

Tech giant Google approached the Ethereum founder to work on its own cryptocurrency projects, but clearly for Buterin the dollars offered did not make sense.

According to Business Insider, the incident happened in 2018 and as Vitalik Buterin already had a net worth in the millions, he treated the job offer as a joke or an algorithm result of the hiring process.

Why Mike Novogratz Acquired 500,000 Ethereum from Vitalik Buterin at $0.99 Each in 2015

Mike Novogratz, Galaxy Digital founder, and CEO, has disclosed that he bought 500,000 Ethereum (ETH) from its co-founder Vitalik Buterin for only $0.99 per unit. Novogratz acknowledged that they sealed the deal in an over-the-counter transaction back in late 2015.

A friend cemented his belief in ETH

During the interview, the Galaxy Digital CEO, who has shown his enthusiasm for the crypto space, revealed that he got more interested in this industry after his college roommate Joseph Lubin enlightened him of how Ethereum could be used to revamp various industries.

Initially, Novogratz was to buy a 25% stake in Lubin’s venture studio ConsenSys, but the deal became complicated, and he decided to buy Ethereum. Lubin was very confident about ETH, and this cemented his urge to own this cryptocurrency. When speaking about Vitalik Buterin, the Galaxy Digital founder acknowledged:

“I called him up; I had met him once at a dinner. He remembered me but didn’t know me. He thought it was good for the community to have a Wall Street guy buying, so I bought half a million ether at $0.99 maybe, $0.98. He changed the price on me at the last minute from 98 to 99 because I had waited too long, and the price went up.”

At the current rate of $461 per Ether, the ETH in question is worth a whopping $230.5 million.

Bitcoin was very speculative

Novogratz also disclosed that he jumped on the Bitcoin (BTC) bandwagon in 2012 when the price was roughly $95. What captivated him about this investment was that this cryptocurrency was very speculative. He noted:

“I did 15 minutes of research and was like ‘Huh, cool technology, libertarians like it.’ This was in 2012, we were in the European financial crisis. The Chinese were buying it. I was like it is going to go higher.”

Since Novogratz set foot in the crypto space, he has not looked back because he has been a notable proponent. For instance, he recently praised Bill Gates for being a GOAT (greatest of all time). Nevertheless, he noted that this status could be solidified if the multi-billionaire owned Bitcoin.

Bitcoin and Ethereum Crypto Prices Exploding Because Gold is Lame says Vitalik Buterin

Bitcoin and Ethereum had huge weekends, with the BTC price exploding to almost $35,000 and ETH soaring to a three year high over $1000. Why? Because “gold is lame” according to Ethereum founder Vitalik Buterin.

The Bitcoin price has gained over 300% through the course of 2020, despite a 50% crash in March brought on by the COVID-19 economic disruption. Institutional investors have been flocking to Bitcoin as a hedge investment against a depreciating dollar driving the BTC price to a new all-time high of $34,778.

Meanwhile, Ethereum has rallied even harder in 2020 with the price gaining over 600% over the last 12 months. ETH, the Ethereum network’s native crypto hit a nearly three-year high of $1,002.81. The Ether price has now fallen back to $952.57, up 24% over the last 24 hours.

Ethereum is the second-highest cryptocurrency by market cap, the total value of ether is currently $110 billion. While the ETH price surge is getting a boost from Bitcoin’s astronomical bull run, the main factor appears to be attributed to the announcement that CME Group is planning on launching ETH futures on February 8 as institutional demand for Ethereum’s cryptocurrency rises.

Gold Is Lame

Throughout 2020, a prevalent narrative among top investors has been that gold will eventually surrender some of its marketcap to Bitcoin. While Bitcoin and Ethereum’s rise are attributed to institutional interest and recognition of BTC hedge value—retail investors particularly the younger generations are now also viewing cryptocurrency as an alternative hedge asset to gold.

Paolo Ardoino, CTO at Bitfinex. said in an email to Blockchain.News:

“While a growing institutional presence has been part of the narrative of the current bull run, we may see increased retail interest in Bitcoin as a form of digital gold. This could also bolster interest in the many innovative projects coming to fruition within the digital token space.”

In a recent blog post, Ethereum Co-founder Vitalik Buterin gave a very blunt explanation for cryptos rising popularity against gold. He said:

“One of the more underrated bull cases for cryptocurrency that I have always believed is simply the fact that gold is lame, the younger generations realize that it’s lame, and that $9 trillion has to go somewhere.”

A variety of surveys—published before the COVID-19 pandemic disruption forced the world to go digital— have in fact found that younger people are far more inclined to buy Bitcoin, Ethereum and other cryptocurrencies than older demographics.

CNBC Mad Money Analyst Jim Cramer also cited that his new-found appreciation of Bitcoin stems from the asset being something that he thinks his children will understand more so than gold.

Appearing on Morgan Creek Digital co-founder Anthony Pompliano’s podcast on Sept 15, Cramer said that he thinks that his own children won’t feel comfortable inheriting gold but “will feel comfortable with crypto.” Cramer admitted that maybe he was stuck in the past with some of his previous assessments and gold wealth storage leveraging.

Cramer said about upgrading from Gold to Bitcoin:

“I have to start recognizing that maybe I am using a typewriter.”