Bitcoin CEO Argues That The Biggest Cryptocurrency Can Solve The DeFi Onboarding Crises

The DeFi space, despite revolutionizing finance, still faces various serious problems. The biggest issue that decentralized finance currently faces is the many hackers that have saturated the entire market. This issue has even garnered it a nasty reputation with new investors, who will obviously have a tough time onboarding.

In general, people have become much less interested in engaging with decentralized finance platforms as a whole. With so many people now having a hard time better dealing with their finances, Bitcoin could prove to be a viable way to bring people into Defi space. At least this is what Bitcoin.com CEO Dennis Jarvis believes, and that is what he went out of his way to prove during his keynote speech.

A Big Claim at a Big Crypto Event

During the Blockchain Economy Dubai Summit 2022, Dennis Jarvis took the stage and delivered a major keynote speech. During his time on stage, he went in depth about how cryptocurrencies like Bitcoin will be a major player during the onboarding process which will bring people into the DeFi space.

One of the most important things that he pointed out during his speech was how people were unable to make any real progress with various DeFi platforms. The fall of Terra and the subsequent hack of Axie Infinity Ronin made DeFi in general a very unappealing investment for various users.

It’s obvious that DeFi suffers from a very serious reputational crisis, which is made worse by the fact that most of the people who are in the DeFi space don’t have kind words to share about it. But with this understanding of the issue, there is a also solution.

Using Bitcoin as a hook

One of the solutions that the top exec offered when confronted with this issue is to use a major cryptocurrency to help people ease into the DeFi space. Essentially, his entire idea was to use a cryptocurrency that is too big to fail, which can make investors feel more comfortable about their investment.

Of course, when people invest in Bitcoin, it is not necessary that they will always keep that Bitcoin. In fact, they can exchange all of their tokens for new ones and essentially change to a different DeFi exchange altogether.

Changing tokens using a decentralized exchange

People who first come into the DeFi space with Bitcoin can eventually change their tokens to Ethereum, Polygon, or Avalanche, along with a number of other digital assets. Jarvis believes that all of these different opportunities will allow newcomers into the DeFi space to feel more comfortable with the investments that they make. And as they become more comfortable, they can start exploring other DeFi apps, or other features that are unique to the DeFi ecosystem.