Canadian programmer and Ethereum co-founder Vitalik Buterin believes that cryptocurrencies do not stand a hope of stealing the spot of traditional, government-controlled currencies.

“I do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments.”The growing inflation resulting in the erosion of purchasing power of people’s savings and massive crypto adoption due to its decentralized nature has led to speculation that crypto could become a regular part of life. However, according to Buterin, this will not happen.
Before the COVID-19 outbreak, the Ethereum co-founder praised fiat money for doing a pretty decent job of being stable in the last few decades. He stated that monetary policy is a complex subject, implying that one should not dismiss traditional currencies without first learning how they work.
“We would all be now in very dire straights. What will happen when we have a pandemic and you need to increase the money supply? You cannot increase the supply of bitcoin because it is of fixed supply.”The global economy has been severely affected in the past few months. With factors like the ongoing Russia-Ukraine dispute, energy crisis, COVID-19 pandemic, and increasing inflation, people see a gloomy future for traditional currencies.
Moreover, the fiat currencies have been devaluating in the past few months because of infinite printing from central banks.
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