The undoing of FTX and many other centralized finance platforms in 2022 reinforces the narrative that the majority of the crypto ecosystem will ultimately collapse because of its centralization, except for Bitcoin (BTC) — a minimum of according to Jeff Booth, a Bitcoin proponent and also the author of The Cost of Tomorrow.
Booth believes centralized crypto platforms for example FTX and Celsius have simply replicated the standard economic climate with all of its natural flaws.
“All of crypto is attempting to rebuild an economic system that finances according to manipulation and centralization,” stated Booth within an exclusive interview with Cointelegraph.
He argues that even decentralized finance platforms — which seek to supply a peer-to-peer, trustless option to traditional financial services — will likely fail, because they are being built on protocols which have sacrificed decentralization and security to be able to boost scalability.
Bitcoin may be the only cryptocurrency that continues to be decentralized and secure enough is the first layer for the future economic climate, states Booth.
“The entire crypto ecosystem will visit zero besides Bitcoin,” he stated.
For more information about why Booth believes Bitcoin may outlive all of those other crypto ecosystem, take a look at the full interview on Cointelegraph’s YouTube funnel, out on another forget a subscription!