Crypto Weekly
Subscribe
No Result
View All Result
Crypto Weekly
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
No Result
View All Result
Crypto Weekly Magazine
No Result
View All Result
  • Home
  • News
  • Learn
  • Regulation
  • Advertise with us
  • Subscribe

Ledger CEO: The collapse of banks is a ‘crash course to Bitcoin’ | PBW 2023

by
March 23, 2023
in bitcoin, News
0
Ledger CEO: The collapse of banks is a ‘crash course to Bitcoin’ | PBW 2023

Ledger CEO Pascal Gauthier said that anyone trying to centralize crypto will fail, saying that centralization and crypto are “two magnets that’s just not going to stick together.”

The collapse of major banks highlights the need for Bitcoin (BTC) and self-custody according to Pascal Gauthier, the CEO and Chairman of hardware wallet provider Ledger. 

In an interview with Cointelegraph reporter Joseph Hall at the Paris Blockchain Week, Gauthier spoke about how recent events show how BTC can be a safe haven against the threat of central authorities. He explained that:

“Bitcoin was designed in reaction to Lehman Brothers in the 2008 crisis. It was designed because you can’t trust central authorities. And, it’s designed because it’s clear that central authorities will fail. It’s not a question of if. It’s more a question of when.”

According to Gauthier, whenever incidents like Celsius, FTX and bank collapses happen, people, flock to self-custody and to crypto. “Whenever the market gets stressed and whenever people fear for their savings, you know, they rush to crypto and to Ledger,” he pointed out.

Ledger CEO Pascal Gauthier sits down with Cointelegraph at the Paris Blockchain Week 2023

In addition, the Ledger executive also believes that people are starting to notice the reality of banks because of the current situation. Gauthier explained that many people come from the idea that the purpose of banks is to safeguard people’s funds because even if banks fail, people will be reimbursed. However, this may not be the case.

“They’re figuring out that actually, it’s not necessarily the case. And so it’s troublesome. But again, it’s a crash course to Bitcoin and why it exists and why it’s necessary for the future,” he explained.

Related: 1inch Network co-founder to crypto newbies: ‘Don’t trust anyone, verify’ | PBW 2023

When asked if traditional brands coming into Web3 can potentially become a threat to the decentralization of crypto, Gauthier expressed confidence that this will not happen. He said:

“If this happens, then crypto is dead and then we move on to the next thing. I mean, it’s either crypto will be decentralized or will not be. And all these brands actually do understand this.”

According to the Ledger CEO, brands were able to learn a lesson from Facebook’s failure to respect the ethos of crypto which is decentralization. “We’ve seen the movie now, you know, they [Facebook] failed because they didn’t respect some of the fundamental principles of what crypto is,” he said. He added that anyone trying to centralize crypto is destined to fail. According to Gauthier, these are “two magnets that’s just not going to stick together.”

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Previous Post

Ethereum faces 6-month lows versus Bitcoin — Will ETH price rebound?

Next Post

Bitcoin erases Fed losses as traders eye $40K BTC price target

Next Post
Bitcoin erases Fed losses as traders eye $40K BTC price target

Bitcoin erases Fed losses as traders eye $40K BTC price target

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Got a Story tip? Email Contact@cryptoweeklymag.com

CMC Coin

A marketing-focused coin w/ a unique set of tokenomics & incredible use cases! The official coin of Crypto Weekly Mag!
Learn More

News

Recent Posts
  • U.S. sanctions against Tornado Cash ruled unlawful
  • ‘$31K was not the end’ — 5 things to know in Bitcoin this week
  • Bitcoin Ordinals rolls out upgrade to rectify ‘Cursed Inscriptions’ issue
  • Regulatory Storm Clears Path for Binance’s Future: Meet CEO Zhao’s Heir Apparent
  • Bitcoin price chart flashes a bullish sign that could lead to breakouts in ADA, QNT, RNDR and RPL
  • Bitcoin Faces Fresh Challenges as US Debt Deal Raises Concerns, Citigroup Warns
  • XRP holders rejoice as new legislation could catapult their investments to new heights

Office

Crypto Weekly
71 – 75 Shelton Street
Covent Garden London, UK

Stay Connected

Facebook Twitter Instagram Telegram

© 2022 crypto weekly. All rights reserved

  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Learn
    • Crypto 101
    • Crypto Wallets
    • Crypo Investing
  • Regulation
  • Advertise with us
  • Subscribe
Translate »