Ethereum is a ‘con’, will eventually ‘blow up’ like FTX as Bitcoin becomes primary global form of money

(Kitco News) – In the long run, Bitcoin According to Swan CEO and founder Cory Klippsten, it will replace the US dollar and other fiat currencies and beat out altcoins to become the world’s leading currency. Bitcoin.

“The most probable outcome is Bitcoin It has continued to expand in size, market capitalization, price and purchasing power over decades and will probably eventually replace the US dollar as the global currency in the long run,” he said. It’s a few years from now, but it may not happen until the next century. ”

Kripsten suggested that altcoins like Ether and Solana are “fuckcoins” and argued that unlike Bitcoin, they cannot be expected to be in the form of money. Finally said it would “explode” and be a “fraud”.

“Somebody can issue and control the money supply of these altcoins and change the code at any time,” he said. “It’s something very different Bitcoin, decentralized, immutable, and ownerless… none of these altcoins can become money. ”

Kripsten, who accurately predicted the collapse of Celsius, Luna/UST and FTX, spoke with Michelle Makori, Lead Anchor and Editor-in-Chief of Kitco News.

FTX and “Fake” DeFi

The collapse of FTX, once the third-largest cryptocurrency exchange, has roiled markets, pushing bitcoin below $17,000 and impacting crypto businesses like BlockFi, which filed for bankruptcy on Monday. .

Clipsten, who runs a Bitcoin-focused company, said the failure of FTX and the previous collapse of crypto companies like Celsius, 3AC and Terraform Labs was beneficial to the industry as it wiped out “scam” businesses. said it is.

“We bitcoiners are perfectly happy to accept short-term price volatility and put bitcoin up for sale…some of these fraudulent business models and some of these obnoxious characters about bitcoin. If it helps flush the buttocks,” he said. “We call it orangewashing.”

Klippsten, who predicted the FTX collapse before it happened, called FTX CEO Sam Bankman-Fried a “Scam Bankster Fraud.” He also hinted that Ethereum, which recently moved to a proof-of-stake protocol, will fail as it becomes increasingly “complicated” and politicized.

“Ethereum is a long scam,” he said. “This is theoretically broken from the beginning, trying to cram too much functionality into a Layer 1 protocol…All Proof of Stake networks are doomed from the start, and in the long run They can’t exist, they’re essentially just fiat currency…this is going to hit hard in the end.”

“DeFi is basically fake,” he added.

“We’re looking at something more like a power law distribution, where 1% of people are stealing faces from 99% of people,” he said. “Unless you’re an insider, it’s a really terrible market to be in.”

bitcoin price

Kripsten suggested that bitcoin moves in a four-year cycle, and said the Federal Reserve seemed ready to pivot away from monetary tightening to a more dovish policy. This could affect Bitcoin.

“I think we will see the Fed easing. It will wash away everything that happened with speculation in tech stocks and over-leverage in the system,” he said. “If we manage to pave the way again, it looks like at some point there will be another bull market for all assets around the world… [Bitcoin] Just ride together. ”

He added that given the four-year cycle, Bitcoin’s lower bound could be just below $14,000.

“It is hard to believe that Bitcoin will drop below $13,800.

However, Klippsten added that there is no price for that. Bitcoin In the short term, it will worry him.

“We have a good understanding of what we discovered and what we invented with the advent of Bitcoin,” he said. “I believe the truth will prevail.”

advanced warning

Klippsten had previously issued warnings about Celsius, Luna/UST, and FTX, claiming they were “Ponzi schemes” long before they failed.

For example, in July, Klippsten tweeted, suggesting that FTX is one of many “crypto schemes and scams.” In early November, FTX filed for bankruptcy.

To find out which cryptocurrency companies Corey Clipsten thinks could collapse next, watch the video above.

Follow Michelle Macori on Twitter. @Michelle Makori

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Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.

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