Paolo Ardoino, CTO of Bitfinex and Tether, defended that Tether is a tool for human rights in Davos, Switzerland, during the World Economic Forum.
On a sunny day in the Swiss Alps, Bitfinex and Tether CTO Paolo Ardoino discussed Lugano’s Plan B strategy, Tether as a gateway to Bitcoin (BTC), and, above all, its favorite pizza ingredients.
Fresh from the plan in Norway, where Ardoino attended an increasingly Bitcoiner-friendly event, the Oslo Freedom Forum, the Italian explained that, in contrast to the WEF, there was no “shilling” in Norway.
About Tether’s Participation in Oslo
Tether was invited to speak at the Oslo Freedom Forum as the stablecoin is increasingly seen as an “instrument of freedom”. Tether has been adopted by the Myanmar government, while the Ukrainian government has accepted donations of cryptocurrencies, including Tether, since the start of the Russian-Ukrainian war.
Ardoino indicated that it is exciting to see how since 2014, the year that Tether (USDT) was invented, stablecoins have reached the highest echelon of legislators and regulators.
Every day, Ardoino says, more people use Tether to save, pay for college, travel, buy and sell homes, or make donations.
“Tether is one of the tools to be used by struggling countries where the national currency is devaluing, where people want an edge against insane inflation,” said Ardoino.
Ardoino cites Turkey and Argentina as examples. The Turkish lira has lost 50% of its purchasing power and cryptocurrencies, often seen as a hedge against uncertain currencies, are seeing a second wave of interest. Ardoino also admitted that:
“Bitcoin is great but they want price stability, long-term price stability. […] “Bitcoin is great for a lot of things but it’s still not understood by many.”
Regarding the Plan B strategy in Lugano, where Bitcoin and Tether are de facto legal tender in the Swiss city, Ardoino shared that educational models in Switzerland are being shared with El Salvador.
“Bitcoin is for everyone. You have people in a poor country who need Bitcoin as a basic financial infrastructure. On the other hand, you have a country with the largest number of banks in the world, and they still need Bitcoin.”
Last April, Ardoino spoke of the advantages and benefits of Tether, as compared to other stablecoins. According to him, Tether volumes compared to other stablecoins are incredibly higher, as much as ten times higher on a bad day. The main competitive advantage of Tether is that it is focused on people who have difficulties accessing financial services. Actually, it is perceived as an instrument of freedom. A solution, a tool that helps everyone. It is not a tool built for banks, nor for Wall Street.
USDT also differentiates itself from the competition by having a strong, conservative and liquid portfolio that strives to safeguard its reserves. USDT continues to lead the industry in terms of quarterly assurance certifications by independent accountants, demonstrating that all ties are fully supported and reserved.
Ardoino also criticized Satoshi Nakamoto’s choice of pizza toppings. Bitcoin Pizza Day occurred the day before WEF, a day when Bitcoiners around the world eat and try to pay for pizza with Bitcoin. Bitcoin creator Satoshi Nakamoto enjoyed pineapple and jalapenos on pizza, to which Ardoino commented, “no one is perfect.”
By Audy Castaneda
