One major industry player is changing their beliefs as they move from being a “Bitcoin maximalist” to being a “Bitcoin rationalist”. What is the reason for this shift? They see a future in decentralized finance (DeFi) for the coin.
Dan Held, a long-time believer in bitcoin, exclusively revealed to TechCrunch that he had resigned from his position as director of growth for crypto exchange Kraken. He will now be focusing on DeFi and Bitcoin with a partner role at Trust Machines, a Bitcoin-focused platform and ecosystem. According to a source, Held will be taking on the role of brand ambassador at Kraken.
Held, who has been involved in the crypto industry for more than ten years, said that Bitcoin is what he cares about. According to Held, Bitcoin’s success is more possible as the narrative shifts from central finance (CeFi), to decentralized finance(DeFi) and market participants ‘find greater meaning building on top [of DeFi].”
He said that the crypto industry, and Bitcoin specifically, is at an inflection stage. “I believe there will be a renaissance within the Bitcoin DeFi industry. DeFi isn’t synonymous with Bitcoin at the moment and most people don’t think they go well together.
DeFi has been the home for alternative blockchains to Bitcoin, which Bitcoin maximalists have long dismissed as a joke. Some Bitcoin believers may view the introduction of DeFi concepts into Bitcoin as heresy. However, there may be a way to make crypto development more mainstream. Bitcoin will only be able to survive long-term as the ur–chain. This means that it will require as much developer attention and DeFi, along with its legions, of programmers, may help to boost the market position for the venerable cryptocurrency.
Held stated that ‘this has been in the works for some time’. “A large group of Bitcoin maximalists is moderately leaning.