The United States of America and China have, for the best part of the last four years, been engaged in a Cold War where both countries have countered each other aggressively. During this period, President Trump aggressively pursued Chinese Tech companies claiming that these institutions were serving the purpose of the Asian government.
When the founder of Ethereum, Vitalik Buterin, was questioned about who could win this war by Morgan Beller, who is a general partner at venture capital firm NFX, he gave one of the most “unsurprising” responses that wouldn’t be new to crypto enthusiasts. According to him, the battle between these two heavyweights would most likely return as a win for crypto.
Buterin was quoted to have said that “it definitely true that a lot of the conflict, even if it’s a negative-sum for humanity overall, is good for crypto,” while making references to President Trump attempt to force ByteDance, a Chinese tech company, to sell Tiktok and also attempting to ban WeChat in the country. The two applications have enjoyed wide publicity and usage despite the claims of “national security” concerns by the government.
According to Ethereum creator, “if your strategy for handling the scary things that you’re worried about in a Chinese tech company is to go after China, then you’re going to be very vulnerable to any non-Chinese tech company, or anyone from any other part of the world that’s trying to do exactly the same thing.”
Centralized Powers in Government Undermines Their Attempt at Protection
Citing the bans and tariffs the US government had imposed on the Chinese applications, Buterin argues that the centralized power in the hands of the government is actually an issue when it comes to the issue of protection of their citizens. He says that the one true way the government could truly convince citizens that they care for them would be to decentralize.
Buterin further went on to say that crypto is definitely one of those things well positioned to win conflicts between one state and another or a state versus a corporation. Though he admits that the shenanigans of making this happen to be quite complex.