Cryptocurrency News

Bitcoin set to ‘tick, tick, tick’ by the end of 2023: DeFi exec

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Bitcoin (BTC) is poised to claim the cryptocurrency throne by the end of 2023, as its superiority “is going to be clear” in every aspect, according to Fedi’s CEO.

During the Bitcoin 2023 event in Miami on May 20, Cointelegraph reporter Joe Hall interviewed Obi Nwosu, the CEO and co-founder of Fedi – a custodial platform that offers an alternative solution for those who lack access to or don’t trust centralized exchanges.

Nwosu emphasized during the interview that it is becoming “increasingly hard to deny” that Bitcoin’s ecosystem is the “fastest, cheapest, easiest, most decentralized and secure” among all crypto ecosystems.

Nwosu anticipates that this will become even more apparent by year-end. He noted:

“It is going to be clear by the end of this year that it’s going to be tick, tick, tick for Bitcoin.”

He said that regardless of whether the goal is to develop functionality, establish a decentralized social media network, or even empower local communities, it is becoming “increasingly obvious” that Bitcoin is the most efficient and secure solution.

However, he does believe there is space for other cryptocurrencies in addition to Bitcoin. He envisions a “multi coin future,” comparing it to the evolution of music.

“I mean there are still record players and vinyl right…there’s still some people who like tapes and laser disks.”

Furthermore, he emphasized there is a “big misunderstanding” regarding its “slow innovation.”

He explained that while people believe there is functional or scaling limitation with Bitcoin, the “reality is” that developments are happening incredibly fast, with a focus on creating solutions “that are correct the first time.”

Nwosu pointed out that prioritizing perfection may cause delays but is preferable to the need for changes to be made “again, and again.”

Related: Bitcoin FOMO is gone, portfolio managers are taking BTC seriously — 3iQ CEO

In Nwosu’s view, cryptocurrency is essentially “an idea,” as it “is a combination of the philosophical aspects and the technological aspects kind of combined together”.

He explained that due to the intangible nature of cryptocurrency, it cannot be combated with physical forces such as “guns or missiles.” Instead, it is vulnerable to attacks through “misinformation and sometimes inappropriate or extreme regulation.”

Countries lacking belief in freedom of speech, or just freedom overall, are actively looking at this stringent regulation towards cryptocurrency, according to Nwosu.

He believes that the key to fight back against this is to “correct” misinformation and create systems that “empower the good guys.”

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?