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Ledger head on the folly of centralising cryptocurrencies
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Ledger CEO Pascal Gauthier said that anyone who tries to centralise cryptocurrency will fail. He added that the concepts are simply "two magnets that are not going to stick together". According to the entrepreneur, the collapse of US banks also demonstrated society's need for bitcoins.
In an interview with Cointelegraph reporter Joseph Hall at Paris Blockchain Week, Gauthier talked about how recent events have shown: BTC can be a defense against the threat from centralized authorities. The head of the hardware wallet company noted that "Bitcoin was developed in response to the collapse of Lehman Brothers during the 2008 crisis, because you can't trust the authorities. It is now clear that centralised rulers will fail. It's not a question of if, but rather when."
According to Gauthier, whenever incidents like the Celsius crash, the FTX or the banking crisis occur, people look for ways to secure their capital. "When the market is stressed and people fear for their savings they rush into cryptocurrency," he said.
Gauthier assured that people are starting to notice the reality of the banking sector because of the current situation. The entrepreneur explained that many are starting from the idea that the purpose of banks is to protect people's funds, however, this is not the case.
When asked if the traditional brands that make up Web3 could potentially become a threat to decentralised crypto, Gauthier expressed confidence that this would not happen. He said: "if that happens, then cryptocurrency will be dead, and then we move on to the next stage. I mean, either digital currencies will be decentralised or not. Brands need to understand that." He reiterated that those who try to centralise cryptocurrencies will be doomed to fail.
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What do you think about it?
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What do you think about it?
Its occurs that crisis facing the World fund institution of Currency will actually pave way for crytocurrency, imagine during the Covid pandemic people faces the unavailabilities of cashflows, digital currency was unaffected for purchase.
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Cat;6615 wrote:What do you think about it?
Its occurs that crisis facing the World fund institution of Currency will actually pave way for crytocurrency, imagine during the Covid pandemic people faces the unavailabilities of cashflows, digital currency was unaffected for purchase.
You're absolutely correct. The issue of the world economy meltdown showcases the potential of cryptocurrency to the world and it is something every cryptocurrency enthusiast will always remember.
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