Bitcoin is the only decentralized currency, Tether CEO says

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According to Tether CEO Paolo Ardoino, Bitcoin is unique among the more than 14,000 various cryptocurrencies because it is the only one that is not centralized.

Bitcoin (BTC) is the only decentralized currency, Ardoino said in an interview with Cointelegraph on June 13 at the Bitcoin-only conference, BTC Prague.

“Bitcoin is the only example of a currency that is only ruled by math that basically cannot be changed,” Tether CEO stated. Apart from Bitcoin, some cryptocurrencies are a bit more centralized or others are a bit less centralized, Ardoino believes.

“With the other currencies, you see that there is a group of developers that come every month. They are coming out with a new software release, they change the monetary policy, inflationary, deflationary, and they keep changing things,” the executive noted.

Bitcoin is about certainty

On the other hand, with Bitcoin, there will always be 21 million Bitcoin, and there will be a halving once every four years until all 21 million bitcoins are mined. Ardoino stated:

“Bitcoin is about certainty. It’s like a clock keeps ticking keeps ticking forever […] When it comes to the concept of unstoppable products, or decentralized — because everyone uses the term ‘decentralized’ — there is only Bitcoin.”

In the interview, Ardoino admitted that his opinion on Bitcoin’s exclusive level of decentralization “might be controversial.” The CEO also mentioned that he openly said that Tether is centralized, unlike Bitcoin.

Source: Tether

Additionally, Ardoino expressed skepticism about the record-breaking industry of memecoins, which is a type of cryptocurrency inspired by internet memes or trends. “I like memes, but not memecoins,” Ardoino said, adding that Bitcoin and memecoins are “completely at the opposite parts of the spectrum.”

Related: DeFi may struggle to stay decentralized after new EU law

One may indeed argue with Ardoino about the decentralization of Bitcoin versus other assets in the cryptocurrency market, as there is a whole sector in crypto dedicated to decentralized finance, or DeFi.

What is decentralization, after all?

In the crypto industry, decentralization refers to the transfer of control and decision-making from a centralized entity to a distributed network. While the DeFi industry gives high promises on financial decentralization, some people in the industry like JAN3 CEO Samson Mow believe that DeFi cannot compete with Bitcoin.

Ardoino’s remarks on the decentralized nature of Bitcoin came amid the opening of BTC Prague 2024, where he is a speaker alongside major industry figures like former MicroStrategy CEO Michael Saylor, Blockstream co-founder Adam Back, Bitcoin author Jimmy Song and others. Unlike many industry events, BTC Prague is dedicated exclusively to Bitcoin.

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