Renowned economist Tyler Cowen has suggested that Ethereum founder Vitalik Buterin is a strong candidate for the Nobel Prize in Economics. Cowen compared Ethereum’s transition from Proof-of-Work (POW) to Proof-of-Stake (POS) to changing tires while a car is driving, highlighting the complexity and significance of the achievement.
While Cowen believes Buterin is a worthy contender, he also acknowledged that Satoshi Nakamoto, the anonymous creator of Bitcoin, should have been considered for the prize had they been alive. Cowen noted that none of the economists who have received the Nobel Prize have made any significant contributions to the field of cryptocurrency.
Buterin’s potential for the Nobel Prize stems from several factors. His creation of Ethereum refuted Mises’ regression theorem, which posits that a currency must be backed by a physical commodity like gold to be trusted. By developing a currency that gained value through its utility and network effects rather than its intrinsic worth, Buterin challenged traditional economic theories.
Furthermore, Ethereum’s successful transition from POW to POS without disrupting the network demonstrates Buterin’s technical prowess and ability to execute complex changes. His polite demeanor and commitment to philanthropy have also garnered respect within the economic community.
