Bitcoin proponent and author Jeff Booth is convinced that the crypto ecosystem will eventually collapse as a consequence of its centralization — except Bitcoin, that is.
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 — 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.