Ethereum (CRYPTO:ETH) co-founder Joe Lubin said the ongoing war between Russia and Ukraine has pushed cryptocurrency adoption to “a point of no return.”
What happened: The entrepreneur told Decrypt editor-in-chief Daniel Roberts at the “Camp Ethereal 2022” event that Ukraine’s use of cryptocurrency as a powerful weapon in its fight against Russia is “a new moment for our industry” is.
“It represents crossing the gap to mainstream adoption. Now we come to the national security issues. It will be so profound, a point of no return for our industry, because it is clear that our technology is very powerful and unstoppable,” said Lubin.
See also: How to buy Ethereum (ETH)
Why it matters: The Ukrainian government and a non-governmental organization have so far raised more than $63.8 million in cryptocurrency donations during the war with Russia, according to data from Elliptic.
Ukraine has taken advantage of donations via Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) among other cryptocurrencies.
Ethereum co-founder Vitalik Buterin last week called for condolences for Russians and Belarusians who oppose President Vladimir Putin’s “Z-ombie regime.” He had previously denounced the Russian invasion.
Lubin compared recent developments in Eastern Europe to an arms race with nation-states vying for use of cryptocurrencies.
“This country and many others will have to make use of this powerful tool and weapon. Nobody likes guns, but you have to be as capable with powerful weapons as your neighbors are,” Decrypt quoted Lubin as saying.
“Every nation-state needs to make policy, get smart and start using these tools.”
Price Action: At the time of writing, for 24 hours, Ethereum was trading 2.5% lower at $2,528.99
Read next: OnlyFans to donate $1.3M in Ethereum to Ukraine, plans to give more to country with ‘strong personal ties’
Photo by Ivo Näpflin on Wikimedia
This post Ethereum Co-Founder Says Russia-Ukraine War Has Pushed Crypto Adoption to a No-Return Point – Ethereum – US Dollar ($ETH) was original published at “https://www.benzinga.com/markets/cryptocurrency/22/03/26115951/ethereum-co-founder-says-russia-ukraine-war-has-pushed-crypto-adoption-to-a-point-of-no-re”