Jack Dorsey and Mark Zuckerberg have big plans for the cryptocurrency industry, but Vitalik Buterin believes that they will not be able to achieve significant success.
In Bloomberg interview the Ethereum co-founder shared his thoughts on Jack Dorsey’s new DeFi project on the Bitcoin blockchain and on Facebook’s attempts to launch its own cryptocurrency.
He stated:
I am skeptical about decentralized finance applications built on Bitcoin. The difference between Bitcoin and Ethereum is that on Ethereum you have a native function that allows you to deposit ETH or ERC tokens into smart contracts, which then distribute them. Bitcoin does not have such a feature. Jack will have to create his own system that would perform these functions.
About Facebook stablecoin Buterin said:
I think that Mark does not want Facebook to eventually become one of the legacy companies whose services no one enjoys. He is trying to enter the cryptocurrency market with Libra, but Libra turned out to be the wrong decision. The main problem with Facebook is that almost no one trusts it.
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