- Vitalik Buterin acknowledges Argentina’s crypto innovation but denies endorsing any specific tokens.
- LIBRA faces criticism for misrepresenting Vitalik’s remark as an endorsement.
Ethereum co-founder Vitalik Buterin has publicly expressed his support for Argentina’s crypto ecosystem by proposing that the country host Devconnect, a major Ethereum developer summit. Butterin’s support comes amidst recent news surrounding the LIBRA token, which experienced a rapid collapse and political controversy.
In a post on X (formerly Twitter), Buterin encouraged Argentina’s blockchain developers and appreciated their contributions to Ethereum; he also emphasized their role in advancing Decentralized Finance (DeFi). Buterin further described Argentina as a “key example “ of crypto adoption in the real world, especially in regions where digital assets are regarded as an economic value rather than just a speculative tool.
“The energy and determination to build on Argentina’s current momentum and use crypto and other new technologies to build a prosperous 21st-century society is real,” Buterin stated, explaining how Libra losses should be seen as a lesson rather than discouragement.
According to Chainalysis, Argentina leads Latin America in crypto adoption, with an estimated $91.1 billion in value received between 2023 and 2024.
Buterin remains optimistic about the region’s potential and believes that hosting Devconnect would improve Argentina’s role in the Ethereum ecosystem.
LIBRA Token Collapse Sparks Controversy
The proposal to host Devconnect coincides with the moment when LIBRA faced serious backlash as it saw a loss of 95% in value after reaching a $4.5 billion valuation. Argentina’s president, Javier Milei, initially promoted the token and saw the token as a means to fund the country’s ventures.
However, LIBRA’s rapid collapse left 86% of traders suffering a loss of about $251 million, according to a Nansen report.
Further controversy occurred when, during an interview, Hayden Davis, a mastermind of the project, claimed that Milei has no financial stake in the project. He added that he encouraged Milei’s endorsement by paying the president’s sister. Although Milie denied any financial involvement in the project, critics wonder about the affiliation between LIBRA and other politically supported cryptocurrencies that Buterin had once warned against, calling them “vehicles for unlimited political bribery.”
Despite his reservations about political memecoins, Buterin’s recent views show a commitment to Argentina’s crypto community and blockchain development rather than being discouraged by the LIBRA scandal.
Milei Welcomes Devconnect Proposal Despite LIBRA Fallout
President Milei expressed enthusiasm about the possibility of Argentina hosting Devconnect. Responding to Vitalik’s interest in the Argentina crypto community, the president appreciated Vitalik and thanked Buterin for recognizing Argentinian talent and called the event “a great opportunity” for the country.
Notably, President Milei did not mention anything about the LIBRA controversy in his response post to Vitalik Buterin.
However, the LIBRA scandal has an effect on the Argentina crypto space because it faces a lot of criticism from investors and industry figures. Solana, the blockchain that hosted the token, suffered a 15% drop in its token value. There are several suspicions about Solana memecoins lately and it’s gradually limiting the trust among the Solana community.
Also, the LIBRA incident had a huge effect on Solana, as it triggered major sellouts and distrust among hodlers, owing to recent Solana memecoin scam projects.
Highlighted Crypto for Today
Canary Capital’s Litecoin ETF Edges Closer to Approval with DTCC Listing
