Bitcoin set to ‘tick, tick, tick’ by the end of 2023: DeFi exec
In an interview with Cointelegraph, Obi Nwosu, CEO and co-founder of Fedi explains why it will âbe clearâ that Bitcoin will come out on top by the end of this year.
Bitcoin (BTC) is poised to claim the cryptocurrency throne by the end of 2023, as its superiority âis going to be clearâ in every aspect, according to Fediâs CEO.
During the Bitcoin 2023 event in Miami on May 20, Cointelegraph reporter Joe Hall interviewed Obi Nwosu, the CEO and co-founder of Fedi â a Bitcoin community custody protocol that offers an alternative solution for those who lack access to or donât trust centralized exchanges.
Catching up with homies is the best part of conferences. @obi @FelixWeis taking the picture!
Known these dudes for over almost a decade now! And what a decade it’s been! pic.twitter.com/1UcfX6KdIg
â Marshall Long (@OGBTC) May 19, 2023
Nwosu emphasized during the interview that it is becoming âincreasingly hard to denyâ that Bitcoinhas the âfastest, cheapest, easiest, most decentralized and secureâ ecosystem.
He anticipates that this will become even more apparent by year-end. He noted:
âIt is going to be clear by the end of this year that itâs going to be tick, tick, tick for Bitcoin.â
Nwosu said that regardless of whether the goal is to develop functionality, establish a decentralized social media network, or even empower local communities, it is becoming âincreasingly obviousâ that Bitcoin is the most efficient and secure solution.
However, he does believe there is space for other cryptocurrencies in addition to Bitcoin. He envisions a âmulti coin future,â comparing it to the evolution of music.
âI mean there are still record players and vinyl rightâŚthereâs still some people who like tapes and laser disks.â
Furthermore, he emphasized there is a âbig misunderstandingâ regarding Bitcoin’s âslow innovation.â
He explained that there is a misconception that there is a functional or scaling limitation with Bitcoin, but the âreality isâ developments are happening “incredibly fast,” with a focus on creating solutions âthat are correct the first time.â
Nwosu pointed out that prioritizing perfection may cause delays but is preferable to the need for changes to be made âagain, and again.â
Related: Bitcoin FOMO is gone, portfolio managers are taking BTC seriously â 3iQ CEO
In Nwosuâs view, cryptocurrency is essentially âan idea,â as it âis a combination of the philosophical aspects and the technological aspects kind of combined togetherâ.
He explained that due to the intangible nature of cryptocurrency, it cannot be combated with physical forces such as âguns or missiles.â Instead, it is vulnerable to attacks through âmisinformation and sometimes inappropriate or extreme regulation.â
Countries lacking belief in freedom of speech, or just freedom overall, are actively looking at this stringent regulation towards cryptocurrency, according to Nwosu.
He believes that the key to fight back against this is to âcorrectâ misinformation and create systems that âempower the good guys.â
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?