Bitcoin is unlike the other cryptocurrencies, says Klippsten
Cory Klippsten, the CEO of Swan Bitcoin, believes that Bitcoin is not like the rest of crypto.
Cory Klippsten, CEO at Swan Bitcoin and Partner at Bitcoiner Ventures, revealed in a recent interview that he believes Bitcoin is unlike the other cryptocurrencies. When asked about his thoughts on Bitcoin and whether it is a Ponzi scheme, Klippsten said;
“Why is Bitcoin not a Ponzi scheme? The big difference is that there is no entity or group of people that control Bitcoin who are marketing Bitcoin to be able to dump it. If anything, most Bitcoiners that promote Bitcoin are just buying and holding as much as possible — and people who love it the most are the people who never sell.”
The Swan Bitcoin CEO said he is improving his media presence to ensure that more people are not victims of events like the Terra crash and the Celsius liquidation. Klippsten said;
“When I’m out there talking to media, honestly, I think the number one message that I try to get across is that Bitcoin is not part of the crypto industry. There’s Bitcoin, and there’s other things that call themselves crypto.
It’s in the interest of crypto people to try to put Bitcoin under that umbrella. And it’s clearly in the interests of Bitcoiners in Bitcoin companies to separate Bitcoin from crypto. So that’s the message that I try to convey very clearly with every one of these outlets.
The difference between Bitcoin and other crypto assets is something that crypto publications understand, but the mainstream press? They’re blown away — they thought all crypto people are basically crypto bros trying to grift.”
The collapse of Terra’s UST stablecoin shed another bad light on algorithmic stablecoins. Klippsten said it is very hard for a decentralised algorithmic stablecoin to maintain its peg against the US Dollars. He said;
“Well, there are two different stablecoins: collateralised and uncollateralised. You can’t have a decentralised, algorithmic stablecoin maintain a peg. You need to have a centralised team conducting market operations, else you will just not be able to maintain the peg in times of stress.
This is something the Basis team discovered in 2018 ⏤ , and they were way smarter than Do Kwon or anybody else like at Tron or whatever working on stablecoins today. Basis realised that this stablecoin thing couldn’t be anything other than a security. So they decided to refund the investors’ money.”
Bitcoin is trading above $23k after performing well over the past few weeks.