Vitalik Buterin of Ethereum thinks that the cryptocommunity pays too much attention to the exchange-traded funds instead of focusing on the adoption of digital currencies for daily use. ETF will, of course, become beneficial for prices of digital currencies, but making them more accessible will have a bigger impact. Surely, this opinion invited a lot of discussion.
Someone pointed that providing the opportunity to obtain digital currencies will increase the adoption rates, because when somebody earns digital currency, they do not need to perform its conversion to fiat currencies, which is a drawback.
Another opinion indicated that past efforts to turn the digital currencies into a viable retail payment method were not fruitful because of the policymakers’ doubts, which prevented businesses from payment cards issuance. However, these attempts might bear fruit in the situation that exists at the moment.
Other opinions were that digital currency does not have any advantages in terms of retail transactions whatsoever.
Nevertheless, despite Buterin’s views on increasing the usability of crypto as the being crucial for mass adoption, the exchange-traded funds could still have a big impact in this regard.
When the US SEC rendered the world’s two dominant digital currencies, BTC and ETH as assets that are not securities, the majority of digital currency enthusiasts were happy to hear this news, as it created a precedent for establishing the exchange-traded funds and provides opportunities for increased mass adoption.