The United States and China have been at loggerheads for quite some time now, and this has reflected in the trade relations of the two superpowers. The ongoing conflict has impacted the various aspects of the economic as well as socio-political ecosystem.
While the turbulent US-China relations have affected businesses badly, the cryptocurrency industry may gain in the conflict, as per Ethereum founder Vitalik Buterin.
Vitalik Buterin Feels Crypto can Benefit Amid US-China Conflict.
In an interview with Morgan Beller of the venture firm NFX, Vitalik Buterin expressed his views about the bitter US-China relations and the ongoing cold war. Both countries have seemingly fought for the resources and technologies in recent times. The United States has imposed a ban on several Chinese firms and products. The former US leadership under past president Donald Trump banned Chinese tech giant Huawei in the country. WeChat and several other Chinese apps were also under the scanner of the US agencies due to security concerns. Several crypto experts feel crypto can benefit from the conflict.
There were increased taxes and tariffs on the imports from China as well. Vitalik Buterin said that even though the conflict is harmful for the overall economic scenario, somehow it is suitable for crypto. As per Vitalik Buterin, the US-China relations were not handled very prudently by the former administration. He believes that the bans and increased tariffs do not protect the US population from the perils. He also opined that by banning one Chinese tech company, the government could not sublimate the country’s security threats and job losses.
As the governments have the sole power in such cases, the centralized systems presumably do not serve the sole purpose of citizen protection. Decentralized systems give more authority to people and assure them that the leadership is concerned about them.
Buterin added “And this is where crypto comes in because decentralization is the one way that you can credibly convince people that you care about trying to protect people,”
Further explaining that cryptocurrency can gain with the two superpowers tussling. He added that when two powerful entities are fighting than most likely, a third party can win. While the US and China are equally powerful, crypto can be the third party that can emerge as a winner in the whole battle. Since cryptocurrency is decentralized with no one having the sole control of the system, the industry can grow exponentially. Cryptocurrency is censorship-proof and also decentralized. Thus it has no hurdles in widespread adoption.
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