The downfall of FTX and a number of other CeFi platforms in 2022 has reinforced a Bitcoin maximalist narrative, according to which most of the crypto ecosystem will eventually collapse due to its centralization.
Jeff Booth, Bitcoin proponent and author of “The Price of Tomorrow”, believes centralized crypto platforms such as FTX and Celsius have ended up replicating the traditional financial system with all its inherent flaws.
“All of crypto is trying to rebuild a financial system that we already have based on manipulation and centralization,” said Booth, in an exclusive interview with Cointelegraph.
Even Defi platforms, which seek to provide a peer-to-peer, trustless alternative to traditional financial services, are bound to fail, according to Booth, since they are being built on protocols that have sacrificed decentralization and security in order to boost scalability.
To Booth, Bitcoin is the only crypto that remains decentralized and secure enough for being the base layer of the future financial system.
“The entire crypto ecosystem is going to go to zero besides Bitcoin”, Booth said.
To find out more about why Bitcoin may outlive the rest of the crypto ecosystem, check out the full interview on our YouTube channel, and don’t forget to subscribe!