Banking crisis could spark the first 'extended duration Bitcoin bull market,' says Swan Bitcoin CEO
The latest banking crisis could lead to “the first-ever extended duration bull market” for Bitcoin (BTC), according to Swan Bitcoin CEO Cory Klippsten.
In an interview with Cointelegraph, Klippsten pointed out that far more people today know about Bitcoin as a tool to opt out of the traditional financial system than during the previous banking crisis, which engulfed Cyprus in 2013.
That means the next Bitcoin bull could potentially last for two to three years, instead of just a few months, thinks Klippsten.
According to Klippsten, Bitcoin is not threatened by the current regulatory crackdown in the United States, which he sees as a natural backlash after last year's FTX collapse. The Bitcoin maximalist supports the Securities and Exchange Commission's view on altcoins — that they should be regulated as securities. “To want to have security regulation for thee, but not for me, which is what the altcoin industry wants, [..] I think it is just hypocritical,” he said.
Klippsten welcomed the latest Commodity Futures Trading Commission's lawsuit against Binance, which he sees as a net positive for Bitcoin. According to Klippsten, centralized exchanges like Binance have been slowing down the adoption of Bitcoin by promoting altcoins, which he sees as mainly "pump and dump schemes.”
“The primary marketing activity of Coinbase and of Binance is to market altcoins [...] Altcoins in particular since 2017 have siphoned away demand from Bitcoin,” he said.
To learn about a Bitcoin maximalist’s view on the current banking crisis and the U.S. crackdown on crypto, check out the full interview with Klippsten on our YouTube channel, and don’t forget to subscribe!
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