Bitfinex CTO: Bitcoin Will Prove its Metal as Central Banks Unravel

  • Bitfinex CTO Paolo Ardoino says that bitcoin will prove its worth as global central bank policies fail.
  • The European Central's Bank response to the coronavirus crash is being called "disappointing."

Bitfinex chief technology officer (CTO) Paolo Ardoino says bitcoin will prove its use as a store of value asset despite the recent market crash. 

According to a press release shared with CryptoGlobe, Ardoino is confident that bitcoin will prove to be a useful asset in the future as global central bank policies begin to unravel. Bitcoin’s price fell more than 26% following the midweek crash, effectively wiping out all gains built over the last year. 

Despite the impact on cryptocurrency, the release pointed to the “dissapointing” efforts of the European Central Bank to stem losses suffered in Europe’s Stoxx 600 market. 

Ardoino said, 

While Bitcoin critics will pounce on today's 20 percent price crash, a day does not a market make. Bitcoin is a battle tested asset which will in time will prove its underlying strength as a genuine store of value.

The Bitfinex CTO highlighted bitcoin’s use as an alternative to policies enacted by central banks that are “surely” going to fail in the future, 

While Bitcoin has grown to fruition during a period of massive QE from central banks it will in time prove its metal as these policies surely begin to fail.

Ardoino also commented on the massive market volatility across cryptocurrency exchanges, including Bitfinex. 

He said, 

Some technical problems across a few major platforms increased the liquidity problem. Bitfinex has worked well across all the volatile markets.

Featured Image Credit: Photo via Pixabay.com