Tether CEO Paolo Ardoino asserts Bitcoin’s unique decentralization among over 14,000 cryptocurrencies at BTC Prague, highlighting its immutable nature governed solely by mathematics.
Paolo Ardoino, the CEO of Tether, asserts that Bitcoin is distinguished from the more than 14,000 cryptocurrencies in existence due to its decentralized nature.
At the Bitcoin-only conference, BTC Prague, Ardoino stated in an interview with Cointelegraph on June 13 that Bitcoin is the sole decentralized currency.
The CEO of Tether asserted that Bitcoin is the sole instance of a currency that is solely governed by mathematics, which is virtually impossible to alter. Ardoino thinks that certain cryptocurrencies are either slightly more or slightly less centralized than Bitcoin.
“You can observe that a group of developers arrives every month with the other currencies.” The executive noted that they are releasing a new software release and are constantly altering the monetary policy, which includes inflationary and deflationary measures.
Conversely, Bitcoin will perpetually contain 21 million units, with a halving occurring every four years until all 21 million units are mined. Ardoino declared:
Ardoino acknowledged in the interview that his perspective on the exclusive level of decentralization of Bitcoin “might be controversial.” The CEO also disclosed that Tether is centralized, in contrast to Bitcoin.
“The vast majority of people still think in Euro terms of US dollar terms. So they just want to make gains on that side rather than hold the most beautiful currency in the world.”
Additionally, Ardoino expressed skepticism regarding the record-breaking industry of memecoins, a type of cryptocurrency that is inspired by internet memes or trends.. Ardoino expressed his preference for memes, but he did not endorse memecoins. He further stated that Bitcoin and memecoins are “completely at the opposite ends of the spectrum.”
It is possible to disagree with Ardoino regarding the decentralization of Bitcoin in comparison to other assets in the cryptocurrency market, as there is a distinct sector of the crypto industry that is dedicated to decentralized finance, or DeFi.
Decentralization is the process of transferring control and decision-making from a centralized entity to a distributed network in the crypto industry. Despite the DeFi industry’s lofty aspirations for financial decentralization, Samson Mow, the CEO of JAN3, thinks that DeFi is unable to compete with Bitcoin.
Ardoino’s comments regarding the decentralized nature of Bitcoin were delivered during the inauguration of BTC Prague 2024, where he appears as a speaker alongside prominent industry figures such as former MicroStrategy CEO Michael Saylor, Blockstream co-founder Adam Back, Bitcoin author Jimmy Song, and others. In contrast to numerous industry events, BTC Prague is exclusively focused on Bitcoin.
