Tether CEO Declares Bitcoin a Truly Decentralized Asset
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Paolo Ardoino, Tether’s CEO, believes that Bitcoin (BTC) is the only genuine decentralized cryptocurrency among the over 14,000 assets. At the BTC Prague conference on June 13, the Tether executive noted that Bitcoin is the only digital asset that is not centralized, unlike other tokens.
The Dominant Digital Asset
Ardoino underlined the different degrees of centralization across various cryptocurrencies to support his argument. He claims that although some cryptocurrencies show more centralization, others are less centralized; none of them match the unique structure of Bitcoin.
Unlike other digital currencies, he added that Bitcoin runs on a clear framework. Ardoino noted that alternative cryptocurrency developers often release new software upgrades, changes in monetary rules, and deflationary or inflationary model modifications to stay in the loop, adding that this ongoing change sharply contrasts Bitcoin’s fixed architecture.
Though controversial, Ardoino’s opinions on Bitcoin’s decentralization mirror his conviction of its unmatched consistency. He added that one can make the same argument against other stablecoins (including Tether’s USDT) concerning their centralization status.
Doubt Regarding Memecoins
Ardoino also voiced doubts about the growing memecoin sector, labeling them as diametrically dissimilar in the range of digital currencies. The concept of decentralization in cryptocurrency refers to the transfer of authority from a central institution to a distributed node network. Even if DeFi holds the accolade for decentralizing the financial system, many, such as Samson Mow, CEO of JAN3, argue that it cannot match Bitcoin’s level of decentralization.
Bitcoin Market Dynamics
Based on a recent on-chain data analysis by Santiment, the supply of Bitcoin in cryptocurrency exchanges has dropped significantly and reached its lowest level since December 2021. This decline to roughly 942,000 coins worth almost $64 billion shows increased demand for Bitcoin.
Conversely, Ethereum (ETH) and Tether (USDT) supply on exchanges has grown, suggesting more selling pressure for these assets. Notably, a rise in stablecoin supply on exchanges usually indicates more buying pressure, reflecting a bullish market mood.
With over 20,000 BTCs acquired in the past 48 hours, CryptoQuant data exposes significant Bitcoin accumulation by crypto whale wallets. Liquidations among retail traders and increased market volatility resulting from this build-up have influenced BTC’s exodus from exchanges.
Future Prospects and Institutional Adoption
Over the past four months, Bitcoin’s price has been consolidating between $61,000 and $72,000. Nevertheless, its year-on-year market domination has grown to roughly 55.62%.
The positive sentiment surrounding the leading digital asset has been driven even more by the widespread adoption of spot Bitcoin exchange-traded funds (ETFs) in the United States, Thailand, Hong Kong, and Australia. Unlike other vital bull cycles, this factor is the primary driver of BTC’s price as it edges closer to its all-time high.
According to crypto analyst Captain Faibik, Bitcoin is creating a declining broadening wedge in the daily chart. With continuous high accumulation by Bitcoin whales, the bullish momentum could be sustained, guiding the price towards $80,000 and $86,800 in line with the 0.5 and 0.618 weekly Fibonacci levels.
Meanwhile, the rising acceptance of Bitcoin among institutional investors suggests rising altcoin market liquidity. Thus, the next altseason could be stronger than past bull cycles. Furthermore, the recent approval of a spot Ethereum ETF in Hong Kong and the United States could contribute to this stronger bullish cycle.
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