The downfall of FTX and a number of other centralized finance platforms in 2022 reinforces the narrative that most of the crypto ecosystem will eventually collapse due to its centralization, with the exception of Bitcoin (BTC) — at least according to Jeff Booth, a Bitcoin proponent and the author of The Price of Tomorrow.
Booth believes centralized crypto platforms such as FTX and Celsius have simply replicated 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.
He argues that even decentralized finance platforms — which seek to provide a peer-to-peer, trustless alternative to traditional financial services — are bound to fail, as they are being built on protocols that have sacrificed decentralization and security in order to boost scalability.
Bitcoin is the only cryptocurrency that remains decentralized and secure enough to be the base layer of the future financial system, says Booth.
“The entire crypto ecosystem is going to go to zero besides Bitcoin,” he said.
To find out more about why Booth believes Bitcoin may outlive the rest of the crypto ecosystem, check out the full interview on Cointelegraph’s YouTube channel, and don’t forget to subscribe!