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Bitfinex CTO says Tether is ‘instrument of freedom’

During the World Economic Forum in Davos, Switzerland, Paolo Ardoino, chief technical officer of Bitfinex and Tether, argued that Tether is an instrument for human rights. Paolo Ardoino, the chief technology officer of Bitfinex and Tether, spoke about the Plan B Lugano approach, Tether as an onramp into Bitcoin (BTC), and, most importantly, his favorite pizza toppings on a sunny day in the Swiss Alps.

Fresh off the plane from Norway, where Ardoino attended the Oslo Freedom Forum, an increasingly Bitcoin-friendly gathering, the Italian stated that, unlike the WEF, there was no “shilling” in Norway.

Tether was invited to speak at the Oslo Freedom Forum because it is becoming regarded as an “instrument of freedom.” The Myanmar government has adopted Tether, and the Ukrainian government has received crypto donations, including Tether, since the start of the Russia-Ukraine war.

“Tether is one of the tools to be used by distressed countries where the national currency is devaluating—where people want an edge against insane inflation.”

Ardoino gives examples of Turkey and Argentina. The Turkish lira has lost half of its purchasing power, and cryptocurrency, which is frequently used as a hedge against volatile currencies, is seeing a wave in interest. Ardoino also admitted:

“Bitcoin is great but they want the price stability, the long-term price stability. […] “Bitcoin is great for many things but it’s not yet understood by many.” 

Regarding the Plan B strategy in Lugano, Switzerland, where Bitcoin and Tether are de facto legal tender, Ardoino stated that instructional models from Switzerland are being shared with El Salvador.

“Bitcoin is for everyone. You have people in a poor country that need Bitcoin as the basic financial infrastructure. On the other side, you have a country with the most banks in the world, and they still need Bitcoin.”

Satoshi Nakamoto’s pizza toppings were likewise criticized by Ardoino. Bitcoin Pizza Day, which takes place the day before the World Economic Forum, is a day when Bitcoiners all over the world eat pizza and try to pay for it with Bitcoin. Satoshi Nakamoto, the founder of Bitcoin, notoriously favored pineapple and jalapeos on pizza, to which Ardoino said, “nobody is perfect.”

Bitfinex CTO says Tether is ‘instrument of freedom’

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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