Benzinga - In the wake of a regulatory clampdown on crypto companies in the United States, Bitfinex and Tether (CRYPTO: USDT) CTO Paolo Ardoino believes that entities in the industry should rather focus on emerging markets than the U.S. and Europe.
In an interview with Benzinga, Ardoino also affirmed his and his companies' allegiance to Bitcoin (CRYPTO: BTC).
Describing both Bitfinex and Tether as "Bitcoiners at heart," Ardoino emphasized the contributions of his companies to the Bitcoin ecosystem.
"Both Bitcoin and Tether have been founded by Bitcoiners. We are Bitcoiners at heart. Bitfinex, for instance, is considered the OG exchange where all the big whales are. That's the perception in the industry," Ardoino stated.
Elaborating on Tether's role, Ardoino explained how the stablecoin facilitates an easier entry for individuals into the digital age. "By leveraging the dollar, we provide a simpler gateway into the digital era," he said.
He also contrasted Tether, a centralized stablecoin that uses a decentralized transport layer, with Bitcoin, which he characterized as fully decentralized.
"Bitcoin is the only cryptocurrency that is truly decentralized. In fact, Bitcoin is the only cryptocurrency that hasn't been attacked by any regulator," Ardoino stated.
With a strong belief in Bitcoin's potential, the CTO underscored the importance of supporting the leading cryptocurrency.
"It's crucial for us, who are in the industry and have built companies since the early 2000s, to back Bitcoin," Ardoino emphasized. "Investing in Bitcoin infrastructure and mining is part of the reason why our companies exist."
The CTO also shared Bitfinex and Tether's strategic focus on emerging markets, expressing that the need for crypto infrastructure is more potent in countries with less robust banking infrastructures, such as Argentina, Paraguay, and Mexico.
Also Read: Some 1000 Crypto Companies Are Exploring AI: Here Are 3 Challenges & 3 Benefits
He stated, "We have been advocating for a long time that crypto companies should focus more on emerging markets rather than focusing on the U.S. and Europe."
Voicing his concerns regarding the rising trend of meme coins in the cryptocurrency market, he expressed his belief that these digital currencies, often fueled by hype and speculation, are potentially detrimental to the industry's reputation.
"What is becoming increasingly clear is that there is Bitcoin and everything else. Often, these meme coins are creating a lot of hype, and that's not a good look for the industry," he said.
He observed that many of these coins have significant price volatility, with values soaring and then crashing without any substantial backing. He suggested this trend of unfounded speculation undermines the core philosophy of cryptocurrencies as envisioned by Bitcoin.
"People like these meme coins, like Dogecoin, go up and down, crashing without any substance, merely driven by speculation. It's kind of unfortunate because Bitcoin's reason for existence, as outlined in the original white paper, was about trading something different," Ardoino explained.
Read Next: US Lawmakers Warn Crypto Regulation Could Be Years-Long Process Despite Increased Funding
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.