Bitcoin advocate and author Jeff Booth is convinced that the crypto ecosystem will eventually collapse as a result of its centralization – except for Bitcoin, that is.
The collapse of FTX and many other centralized financial platforms in 2022 reinforces the narrative that, with the exception of Bitcoin, most of the crypto ecosystem will collapse due to its centralization.
– At least according to Jeff Booth, Bitcoin advocate and author of The Price of Tomorrow.
Booth believes that centralized crypto platforms like FTX and Celsius have copied the traditional financial system with all its inherent flaws.
“Every crypto is trying to rebuild an economic system that is already based on manipulation and centralization,” Booth said in an exclusive interview with Cointelegraph.
He argues that even decentralized financial platforms—which seek to provide a peer-to-peer, trustless alternative to traditional financial services—fail because they are built to maximize the scalability of protocols that sacrifice decentralization and security.
Stay safe on Web3. Learn more about Web3 Antivirus →
Bitcoin is the only cryptocurrency that is decentralized and secure enough to be the foundational layer of the future financial system, Booth says.
“The whole crypto ecosystem will go to zero, except for Bitcoin,” he said.
To learn more about why Booth believes Bitcoin will outperform the rest of the crypto ecosystem, check out the full interview on Cointelegraph’s YouTube channel and don’t forget to subscribe!