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, talking at the “Camp Ethereal 2022” event, told Decrypt's editor-in-chief Daniel Roberts that Ukraine’s use of cryptocurrency as a powerful weapon in its battle against Russia is “another moment for our industry.”
“It represents crossing the chasm into mainstream adoption. Now we’re onto national security issues. It’s going to be so profound, a point of no return for our industry because it’s 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 raised over $63.8 million in cryptocurrency donations so far amid the war with Russia, according to data from Elliptic.
Ukraine has leveraged donations through Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) and other cryptocurrencies.
Ethereum co-founder Vitalik Buterin last week called for compassion for Russians and Belarusians resisting President Vladimir Putin’s “Z-ombie Regime.” He had denounced the Russian invasion earlier.
Lubin likened the recent developments in Eastern Europe to an arms race with nation-states vying to make use of cryptocurrencies.
“This country and many others are going to have to make use of this powerful tool and weapon. Nobody likes weapons, but you have to be as capable with powerful weapons as your neighbors are,” Decrypt quoted Lubin as saying.
"Every nation-state has to create policy, get savvy, and start wielding these tools.”
Price Action: At press time, over 24-hours, Ethereum traded 2.5% lower at $2,528.99
Photo by Ivo Näpflin on Wikimedia
