Tether CTO: No One Can Take Bitcoin Away From You

Paolo Ardoino, CTO of Tether (USDT) stablecoin, believes that though people shouldn’t put all their money into cryptocurrency, it is a highly important asset.

In an interview with Politico Europe, he describes Bitcoin as “the hard asset that no one can take away from you,” adding that when it comes to fractional reserves, “Bitcoin is your safe hedge against exactly that.”

The interaction took place during the Paris Blockchain Week held between March 21-23, which, according to Politico Europe, “was a rude rebuke to anyone who thought that crypto — or its hard-partying finance bro culture — was on its way out.”

The news outlet emphasized the sharp contrast between Paris Blockchain Week and the world of traditional banking, which concurrently held what it describes as a “typically buttoned-up event in the sleepy Swiss city of Basel.” The reference is to the BIS Innovation Summit that brings together an array of bigwigs to figure out how to keep pace with financial technology.

Politico Europe also interviewed Andrew Whitworth, Ripple's Policy Director for EMEA, who said, “it’s not that now crypto is triumphant and banking has failed”, adding that the banking system is essential to the existence of crypto. 

The remarks come against the backdrop of the US Securities and Exchange Commission’s decision to tighten the grip on the cryptocurrency and blockchain industries, targeting exchanges like Kraken.

Previously, Gagarin News reported that Tether claims that it is making money while banks are collapsing.