Vitalik Buterin Shares a Word of Caution About Singapore’s Crypto Policy

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Last Updated on November 20, 2022 by Bitfinsider

Buterin stated that the city state’s “willingness to make a distinction between blockchain usage and cryptocurrency is like one of those weird things” in a video interview that was published on Sunday. He added: “The reality is if you don’t have cryptocurrency, blockchains that you’re going to have are just fake and nobody’s going to care about them.”

Singapore is currently attempting to restrict retail investors’ access to cryptocurrency trading in an effort to lessen consumer risks associated with the market’s turbulence. The nation outlined plans to limit consumers’ access to digital assets in October, including a restriction on small investors borrowing money to pay for coin purchases.

In the interview, Buterin also provided investors with some guidance on how to handle the current bear market, stating that players in the cryptocurrency market should invest in “simpler stuff.” Buterin also implored investors n ot to trust “individual hotshots.”  Additionally, he stated that his preferred investment strategy is to “buy and hold things,” not speculate on cryptocurrencies, and that he does not even regularly follow the price of Ethereum. Speaking about problems in the cryptocurrency community, he noted that one of the primary problems with the Bitcoin community in particular is that its users “automatically” love everyone wealthy and powerful who supports Bitcoin.

When criticizing gold as “incredibly inconvenient” and “difficult to use, particularly when transacting with untrusted parties,” Buterin recently said that cryptocurrencies are a “better bet” than gold. He added that because crypto is more widely used than gold and does not “support safe storage options like multisig,” crypto is a better investment.

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