BitGo CEO Refutes WBTC Critics: Lack of "Intellectually Honest" Attitude
2024-09-03 13:27:28
In an interview at the Korea Blockchain Week event, BitGo CEO Mike Belshe responded to the company's partnership with Justin Sun-affiliated BiT Global. Belshe said critics lack a "rational and honest" attitude.
Belshe pointed out that the biggest critic, Threshold, has publicly stated that if he gains the full market share of Wrapped Bitcoin (WBTC), its token value will increase by 35 times. He believes that "it is absurd to criticize our efforts to decentralize Wrapped Bitcoin just to increase the value of the token". Regarding the planned launch of cbBTC by Coinbase, Belshe said that if the DeFi community chooses centralized Coinbase as the ultimate administrator, then DeFi's hopes will be dashed. He stressed that the key storage model proposed by BitGo is "far superior to anything that Coinbase could have designed".
Belshe pointed out that the biggest critic, Threshold, has publicly stated that if he gains the full market share of Wrapped Bitcoin (WBTC), its token value will increase by 35 times. He believes that "it is absurd to criticize our efforts to decentralize Wrapped Bitcoin just to increase the value of the token". Regarding the planned launch of cbBTC by Coinbase, Belshe said that if the DeFi community chooses centralized Coinbase as the ultimate administrator, then DeFi's hopes will be dashed. He stressed that the key storage model proposed by BitGo is "far superior to anything that Coinbase could have designed".
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