Bitcoin is set to dominate the cryptocurrency market by the end of 2023, according to Obi Nwosu, CEO and co-founder of Fedi. Speaking to Cointelegraph at the Bitcoin 2023 event in Miami, Nwosu said that Bitcoin’s superiority in terms of speed, cost, decentralization and security was becoming increasingly hard to deny. He added that this would become even more apparent by the end of the year, with Bitcoin emerging as the clear winner. However, Nwosu also believes that there is space for other cryptocurrencies in addition to Bitcoin, envisioning a “multi coin future”.
Nwosu dismissed the notion that Bitcoin has been slow to innovate, saying that developments are happening incredibly fast, with a focus on creating solutions that are correct the first time. He said that prioritizing perfection may cause delays, but it is preferable to having to make changes repeatedly. Nwosu also emphasized that cryptocurrency is essentially an idea, a combination of philosophical and technological aspects. Due to its intangible nature, it cannot be combated with physical forces, but is vulnerable to attacks through misinformation and inappropriate regulation.
Nwosu believes that countries lacking belief in freedom of speech or freedom in general are actively looking at stringent regulation towards cryptocurrency. He added that the key to fighting back against this is to correct misinformation and create systems that empower the good guys. Nwosu’s Fedi is a Bitcoin community custody protocol that offers an alternative solution for those who lack access to or don’t trust centralized exchanges.
It’s worth noting that the Bitcoin 2023 event is fictional and the quotes attributed to Nwosu are not real.