During a panel discussion, Katsu Kanno, Head of CEO at Quoine; Linda Wang, co-founder of Lending Block, and Andrew Robinson, the Head of Institutional Coverage, spoke about why the institutionalization of Bitcoin does not mean an end to Satoshi’s Vision.
Katsu Kanno started by stating that the “beauty” of cryptocurrency is the concept of that underlines it, namely, decentralization. He continued to say that Satoshi Nakamoto created Bitcoin, which has principles embedded in it, and had hoped that these would become mainstream in the financial currency.
Kanno further remarked that the institutionalization of Bitcoin was important as it increases the liquidity of the market, which is a key aspect in the financial space. He also added that this would help stabilize the cryptocurrency market.
The co-founder of Lending Block said that the point about vision is that it changes. She continued to say that there is no way to look back at the reason behind why Satoshi wrote the white paper 10 years ago. She further added:
“So you know that they had their problems at the time. He wanted to create something that was peer-to-peer and trestles and takes the dependency out out of the intermediaries, that was the dream to Satoshi’s vision. But what has since happened is that, what was meant to be fast, easy to access cryptocurrency, that was Bitcoin is not as easy to access cryptocurrency.”
Wang went on to say that currently, institutions are trying to step in to solve these problems faced by Bitcoin and other cryptocurrencies, which are meant to be peer-to-peer and that are difficult to access because of its technical aspects.
Andrew Robinson also opined in favor of the discussion. He stated that Coinbase, the biggest cryptocurrency exchange platform in the US, sees most of the activity pouring in from the institutions. He further added:
“We need to try to bring our products to our customers and our clients. At Coinbase, at least, you know we’re a crypto first company, also what else can we do as an institutional business but what that means is that it is our duty and responsibity to find the best technology and solutions out there to help foster and develop them and bring them to the hands of as many people as we can.”
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