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Bitcoin [BTC] needs to be very conservative, says ShapeShift CEO Erik Voorhees




Bitcoin [BTC] needs to be very conservative, says ShapeShift CEO Erik Voorhees
Source: Unsplash

The CEO of ShapeShift, Erik Voorhees, spoke about the most important thing that needs to happen for the entire cryptocurrency industry, and for the Bitcoin space in terms of its technical aspects, in an interview with Peter McCormack for WhatBitcoinDid.

On the subject, the CEO agreed that both fungibility and Lightning Network were important for Bitcoin in terms of its technical aspects and that an exchange-traded fund was crucial to the entire cryptocurrency space. He said,

“All of those are important to my opinion and that’s why I like to see all the experimentation that’s happening. Bitcoin needs to be very conservative and it can’t try out every new idea and it can’t optimize for every variable”

He further explained that the digital currency cannot be the “most innovative” and the “most conservative” digital asset at the same time, adding that, “those things operate at, they’re mutually exclusive.”

This was followed by the CEO stating that he would not try to “cram every feature” or “every desirable” attribute onto Bitcoin. He added that the fact that other chains are able to take a deeper look into some of the features desired for Bitcoin was “great”.

Voorhees further stated that other chains should not be dismissed merely because they are less decentralized when compared to Bitcoin. The CEO stated,

“I think that there should be chains that are more centralized and with higher throughput and there should be chains that are less centralized with less throughput and having both of those in existence actually makes the whole crypto ecosystem stronger and in both cases we’re still vastly better off than any bank.”

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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.