Crypto billionaire Arthur Hayes believes that average users of crypto place more importance on ease of use over decentralization, questioning how this factor could impact users’ behavior and future crypto adoption. Is.
“At the end of the day, the average person doesn’t really care about decentralization or centralization,” former CEO of crypto exchange bitmex said during a podcast Hosted by Decrypt.
“If you really want to be your own financial institution and control your own financial destiny, here’s what you have to do at this point, [but] It’s hard to use,” according to Hayes.
In his opinion, instead of being a decentralized currency, what will make crypto attractive to the growing number of users around the world is “good price, good product, good user experience,” said the entrepreneur.
According to the former CEO of BitMEX, “Most of you care about this and will care about it in the future.”
Crypto can save investors
At the same time, Hayes said he believes the crypto sector has the potential to protect investors from what he describes as a broken banking system. The billionaire said the rapidly growing use of debt in the traditional finance industry has long outlived its past utility.
According to the businessman, “I don’t care whether you’re a capitalist or you’re a communist. Everybody’s in too much debt. We’ve passed the point where that debt is becoming useful.” “If you look at the global legal system, we … have put two or three hundred percent of global GDP into debt over the last fifty years.”
“And so, everybody is going to take L unless they find some crypto or some gold – some hard asset outside the traditional banking system,” Hayes said.
In 2021, the US Department of Justice charged the former CEO of BitMEX with violating the country’s Bank Secrecy Act for failing to implement an anti-money laundering program at the crypto exchange. Hayes pleaded guilty and was later sentenced to two years’ probation and six months’ home detention.
Over the past years, the crypto billionaire has expressed a number of opinions on his approach to the crypto industry, some of which have sparked major controversies within the cryptosphere. Last August, Entrepreneur apologized in an essay to call Ethereum (ETH) a shitcoin years ago.