Ledger CEO: The collapse of banks is a ‘crash course to Bitcoin’ | PBW 2023

The illness of large banks highlights the request for Bitcoin (BTC) and self-custody according to Pascal Gauthier, the CEO and Chairman of hardware wallet supplier Ledger. 

In an interrogation with Cointelegraph newsman Joseph Hall astatine the Paris Blockchain Week, Gauthier spoke astir however caller events amusement however BTC tin beryllium a harmless haven against the menace of cardinal authorities. He explained that:

“Bitcoin was designed successful absorption to Lehman Brothers successful the 2008 crisis. It was designed due to the fact that you can't spot cardinal authorities. And, it's designed due to the fact that it's wide that cardinal authorities volition fail. It's not a question of if. It's much a question of when.”

According to Gauthier, whenever incidents similar Celsius, FTX and slope collapses happen, people, flock to self-custody and to crypto. “Whenever the marketplace gets stressed and whenever radical fearfulness for their savings, you know, they unreserved to crypto and to Ledger,” helium pointed out.

Ledger CEO Pascal Gauthier sits down with Cointelegraph astatine the Paris Blockchain Week 2023

In addition, the Ledger enforcement besides believes that radical are starting to announcement the world of banks due to the fact that of the existent situation. Gauthier explained that galore radical travel from the thought that the intent of banks is to safeguard people’s funds due to the fact that adjacent if banks fail, radical volition beryllium reimbursed. However, this whitethorn not beryllium the case.

“They're figuring retired that actually, it's not needfully the case. And truthful it's troublesome. But again, it's a clang people to Bitcoin and wherefore it exists and wherefore it's indispensable for the future,” helium explained.

Related: 1inch Network co-founder to crypto newbies: ‘Don’t spot anyone, verify’ | PBW 2023

When asked if accepted brands coming into Web3 tin perchance go a menace to the decentralization of crypto, Gauthier expressed assurance that this volition not happen. He said:

“If this happens, past crypto is dormant and past we determination connected to the adjacent thing. I mean, it's either crypto volition beryllium decentralized oregon volition not be. And each these brands really bash recognize this.”

According to the Ledger CEO, brands were capable to larn a acquisition from Facebook’s nonaccomplishment to respect the ethos of crypto which is decentralization. “We've seen the movie now, you know, they [Facebook] failed due to the fact that they didn't respect immoderate of the cardinal principles of what crypto is,” helium said. He added that anyone trying to centralize crypto is destined to fail. According to Gauthier, these are “two magnets that’s conscionable not going to instrumentality together.”

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