Cory Klippsten, the CEO of Swan Bitcoin, believes that Bitcoin is not like the rest of crypto.
Cory Klippsten, CEO at Swan Bitcoin and Partner at Bitcoiner Ventures, Revealed in a recent interview that he believes Bitcoin is different from the other cryptocurrencies. Asked about his opinion on Bitcoin and whether it is a Ponzi scheme, Klippsten said;
“Why is Bitcoin not a Ponzi scheme? The big difference is that there is no entity or group of people controlling Bitcoin that markets Bitcoin in order to dump it. If anything, most Bitcoiners who promote Bitcoin just buy as much as they can – and the people who love it the most are the people who never sell.”
Swan Bitcoin CEO said he is improving his media presence to ensure that more people stop falling victim to events such as the Terra crash and the Celsius liquidation. Klipsten said;
“Speaking to the media, I honestly think the main message I’m trying to get across is that Bitcoin is not part of the crypto industry. There is Bitcoin and there are other things that call themselves crypto.
It is in the interest of crypto people to try and place Bitcoin under that umbrella. And it is clearly in the interest of Bitcoiners in Bitcoin businesses to separate Bitcoin from crypto. So that’s the message I’m trying to get across very clearly with each of these outlets.
The difference between Bitcoin and other crypto assets is something crypto publications understand, but the mainstream press? They are overwhelmed – they thought that all crypto people are basically crypto bros trying to grab.
The collapse of Terra’s UST stablecoin cast another bad light on algorithmic stablecoins. Klippsten said it is very difficult for a decentralized algorithmic stablecoin to maintain its peg to the US dollar. He said;
“Well, there are two different stablecoins: collateral and non-collateral. You can’t let a decentralized, algorithmic stablecoin keep a peg. You must have a centralized team executing market trades or you will not be able to sustain the link during times of stress.
This is something that the Basis team discovered in 2018 ⏤, and they were much smarter than Do Kwon or anyone else like Tron or whatever working on stablecoins today. Basis realized that this stablecoin thing could be nothing but a security. So they decided to pay back the investors’ money.”
Bitcoin is trading above $23k after performing well in recent weeks.