The co-founder of the software giant Palantir Technologies thinks there are still clear use cases for crypto and decentralization despite the ongoing bear market.
Joe Lonsdale acknowledges in a new interview with Fox News that he does not believe crypto is over despite the fact most of the crypto space in the past 3-5 years was a “speculative bubble driven by cheap money” and Ponzi schemes.
“You know, there are still other use cases for decentralization and crypto. The stuff that has fallen is stuff that are centralized actors, effectively. They’ve had a lot of corruption. This is what you’d expect in any situation where you have something that’s not regulated. I don’t always believe you need government regulators, but you need some framework of regulation where people are being checked by other people you trust.”
He says he doesn’t trust the Federal Reserve in the US, let alone financial authorities in other countries. He argues that crypto’s ability to decentralize its power indicates there are long-term benefits to the space, citing Bitcoin (BTC) as an example.
“The protocols to have decentralized ownership are very interesting. If you look at how should humanity make money, how should the financial system work, longer term it does make sense to have more decentralized power, or something like Bitcoin, to exist. And Bitcoin’s done a lot of good in the world as well. It’s helped people get money out of Russia, out of Venezuela, out of China. It allows more liberty for the financial system from really bad-acting governments.”
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