Vitalik Buterin Sparks Wealthy Rothschild Family Cryptocurrency Involvement Debate
The Rothschilds, in many ways, represent everything that the founders of distributed ledger technology sought to fight against. The centralization of wealth is key to the dominance of the family, and the creators of currencies like Bitcoin made their technology with a deep desire to fight the top 1%’s stranglehold on finances in the traditional economic model.
But some evidence suggests that, as ideologically driven as Bitcoin is to fight against wealthy elites controlling significant portions of the world’s capital, families like the Rothschild family are managing to work their way into the growing cryptocurrency market. While there is no evidence to suggest that the family has come anywhere near claiming the fabled and dangerous 51% of the total market share of Bitcoin, their mere involvement in the evolving cryptocurrency has created controversy.
The Fight Against Centralization
Some analysts argue that a true centralized control of cryptocurrency is functionally impossible. The reasoning is relatively simple. As someone works to gain the coveted 51% of the market, each coin they buy would theoretically make all other coins worth slightly more. Consequently, by the time someone reached a significant portion of the market, acquiring more coins would be nearly impossible.
But one popular conspiracy theory holds that the wealthy dynasty isn’t currently working to gain control over the cryptocurrency market, but instead, that they already gained control long, long ago.
A 1988 article from The Economist, which the Rothschild family owns, posited that the global economy could greatly benefit from the creation of “new proliferation of truly draconian controls,” and that this new economic system is going to begin to take hold “around 2018.”
The founder of Ethereum, Vitalik Buterin, attempted to mitigate the quick spread of this conspiracy theory regarding the Rothschilds and cryptocurrencies, remarking that the Rothschild family is not nearly as powerful and economically influential as the hype makes it out to be. Instead, he posits that the members of the family may very well be “old-money socialites.”
Are "the Rothschilds" actually remotely as powerful and coordinated as the conspiracy theorists seem to believe, or are they just a group of old-money socialites and all that other stuff is overhyped?
Help me learn and decide! https://t.co/rYcyEHhM6F
— vitalik.eth (@VitalikButerin) May 26, 2018
Recent revelations show that one major cryptocurrency organization is behind “watched personally” by the head of the Rothschild banking company, Alexandre de Rothschild. This spurred concerns that it might be possible that the global currency of 2018 to which the Rothschild-sponsored 1988 article referred might in fact be one of the many cryptocurrencies which continue to captivate public interest and private imagination.
But professionals in the industry are skeptical of such theories. Buterin commented on a Reddit post regarding the influence of the Rothschild family, saying that the claims that the family has deep roots in the cryptocurrency industry’s conception are largely “baseless.” Furthermore, his comment outlined that the nature of the family’s wealth is rooted in old-money passed down from generation from generation, and that they would be unlikely to create their own entirely new enterprise.
But in the end, there might be no way to know the extent, if any, to which the wealthy dynasty controls cryptocurrencies such as Bitcoin. The ideological issues many have with domination of the market creates a deep motivation for many to keep digging into the Rothschilds and their involvement in the new global currency.