The latest banking crisis could lead to “the first extended duration bull market” for Bitcoin (BTC), according to Swan Bitcoin CEO Cory Klippsten.
In an interview with Cointelegraph, Klippsten noted that today many more people are aware of Bitcoin as a tool to opt out of the traditional financial system than during the previous banking crisis, which hit Cyprus in 2013.
That means the next Bitcoin bull could potentially last two to three years, instead of just a few months, Klippsten thinks.
According to Klippsten, Bitcoin is not threatened by the current regulatory crackdown in the United States, which he sees as a natural reaction after the FTX crash last year. The Bitcoin maximalist supports the Securities and Exchange Commission’s view on altcoins: that they should be regulated like securities. “Wanting to have security regulation for you, but not for me, which is what the altcoin industry wants, (…) I think it’s just hypocritical,” he said.
Klippsten welcomed the latest Commodity Futures Trading Commission lawsuit against Binance, which he sees as a net benefit for Bitcoin. According to Klippsten, centralized exchanges like Binance have slowed Bitcoin adoption by promoting altcoins, which he sees primarily as “pump and dump schemes.”
“Coinbase and Binance’s main marketing activity is trading altcoins (…) Altcoins in particular since 2017 have diverted demand from Bitcoin,” he said.
For a Bitcoin maximalist take on the current banking crisis and the US crackdown on cryptocurrency, see the full interview with Klippsten on our YouTube channel, and don’t forget to subscribe!
