Knowing about the LUNA collapse, Swan Bitcoin’s CEO and founder Cory Klippsten made new statements. Bitcoin will “be the world’s primary form of money,” the expert said. Here are the details…
Klippsten: This is the ‘perfect result’ for Bitcoin
According to Cory Klippsten, in the long run Bitcoin; It will replace the US dollar and other fiat currencies. It will also surpass altcoins to become the world’s primary form of money. Klippsten uses the following expressions:
The likely outcome is that Bitcoin will continue to grow in size, market cap, price and purchasing power over the decades. It is likely that it will eventually become a global currency that will likely replace the US dollar in the long run. This can happen after 20 to 30 years. But it could also be something that didn’t happen until the next century.
Klippsten argued that altcoins such as Ether and Solana are “shitcoins,” arguing that they cannot hope to be forms of money unlike Bitcoin. He also said that Ethereum is a “fraud” that will eventually “explode”. Klippsten used the following statements:
Someone can regulate and control the money supply of these altcoins and change the code at any time. Something very different from Bitcoin, which is decentralized, immutable, and ownerless… None of these altcoins can turn into real money.
FTX also talked about the LUNA collapse: Beneficial for the industry
Klippsten, who correctly predicted the collapse of Celsius, Luna/UST, and FTX, also mentioned the collapse of FTX. As we reported on Kriptokoin.com, the collapse of FTX, once the third largest crypto exchange, stirred the markets. Moreover, it sent Bitcoin below $17,000. On the other hand, it has affected crypto businesses such as BlockFi, which filed for bankruptcy on Monday.
Klippsten, whose company is focused on Bitcoin, said that the failure of FTX and the disintegration of crypto companies like Celsius, 3AC and Terraform Labs were “beneficial for the industry.” In this way, he pointed out, “fraudulent” businesses have disappeared. Klippsten used the following statements:
We Bitcoiners are perfectly happy to accept short-term price fluctuations and put Bitcoin on sale… if that helps clean up some of these scam business models and some of these nasty characters around Bitcoin.
Ethereum, DeFi critique: “A lousy market”
Predicting FTX’s collapse before it happened, Klippsten called FTX’s CEO Sam Bankman-Fried a “Scam Bankster Fraud”. He also implied that Ethereum, which has recently switched to a proof-of-stake protocol, will fail as it becomes increasingly “complex” and politicized. He claimed that Ethereum has been negative for a long time. The expert used the following statements:
This thing is theoretically broken from the start, trying to fit too much functionality into the Layer-1 protocol… All proof-of-stake networks are doomed from the start and cannot exist in the long run. They are basically political. These will eventually experience a massive explosion.
Klippsten also touched on the field of decentralized finance. “DeFi is basically fake,” he added. For DeFi, “you’re looking at something more like the Law of Power, where 1 percent of people cheat 99 percent of the time,” he said. “It’s a really lousy market to join if you’re not an insider,” he added.
Expectations for Bitcoin price
Suggesting that Bitcoin moves in four-year cycles, Klippsten said the Fed is preparing to move from monetary tightening to a more dovish policy. This, in turn, can affect Bitcoin. Klippsten used the following statements:
You will see the Fed relax. We’re going to wipe out anything that goes on with technology stock speculation and excessive leverage in the system. If we can get back on track, it looks like there will be another bull market in all assets globally at some point… It looks like Bitcoin will take a ride.
He added that considering its four-year cycles, Bitcoin has a possible bottom just under $14,000. “It is really hard for me to believe that Bitcoin will drop below its weekly close in December 2017 and its June 2019 high of $13,800,” he said. However, Klippsten added that there is no price that Bitcoin can reach in the short term that should worry him. Klippsten used the following statements:
With the advent of Bitcoin, we understand well enough what we discovered and what was invented. I think the truth will win.
LUNA had forewarned of FTX
Klippsten previously warned about Celsius, Luna/UST and FTX. He had claimed these were “Ponzi scams” long before they failed. In July, for example, Klippsten tweeted that FTX was one of many “crypto schemes and scams.” In early November, FTX filed for bankruptcy.
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