coinedition.com
Entrepreneur and best-selling author Jeff Booth recently spoke on FOX Business about FTX’s collapse and how Bitcoin is different from other currencies. Booth spoke about the cryptocurrency contagion that has been spreading since the collapse of FTX.
Booth highlighted that the problem with the contagion and what the Bitcoin activists have been saying is that the so-called smart money is complacent and is inside the system. However, he stated that Bitcoin is the opposite of the system that has been built on leverage, expanding debt, and being too big to fail.
The FOX spokesperson then asked Booth about the current crisis of confidence in cryptocurrencies and whether the new asset class can overcome this crisis. Booth mentioned that this is the crux of Bitcoin that everybody fails to see right now.
The entire economy of the world rests on debt. That system is four orders of magnitude bigger than Bitcoin today. Bitcoin is outside of that system. No matter what you do to Bitcoin, it keeps on moving.
Booth highlighted that Bitcoin is outside the traditional system and is getting stronger and stronger every day. He also stated that Bitcoin is going to reprice everything in the existing system.
Booth stressed the fact that Bitcoin is more decentralized today and is bringing in more and more value with the addition of every node, which in turn is making it stronger. The fall of FTX has definitely shaken the cryptocurrency industry. However, many are of the view that the end of FTX is not the end of crypto.