You Can't Kill Bitcoin: Tether CEO

Tether CEO Paolo Ardoino has made a profound statement about the first and largest cryptocurrency by market capitalization, Bitcoin, saying it will stand the test of time.

"Bitcoin will resist to the test of time," Ardoino said, adding that Bitcoin will outlive its detractors.

"Those organizations that try to undermine it, will fail and become dust.Simply because they can't stop people choice to be free," the Tether CEO said.

Bitcoin celebrated its 16th anniversary in January this year. In its years of existence, it has suffered its fair share of criticism and ill will. Crypto skeptics have been calling for Bitcoin’s end pretty much for as long as it has existed, and yet it continues to climb and surpass expectations.

JPMorgan Chase CEO Jamie Dimon is probably one of the most vocal Bitcoin critics, calling the asset a scam on multiple occasions. But as his bank experiments with digital asset ledgers, Dimon has come around to the underlying technology while recently acknowledging that crypto, blockchain and stablecoins are "real."

After publishing an article in early 2020 stating that "Cryptocurrencies, including Bitcoin, are not an asset class," major investment bank Goldman Sachs has since made a U-turn, reengaging in crypto assets, while increasing its Bitcoin exposure.

Bitcoin stands test of time

The Tether CEO's comments come at a time when the crypto market is facing a price drop amid concerns about quantum computing growing.

Bitcoin rose to an time high of $126,251 in early October, driven partly by massive inflows into exchange-traded funds. Then came a market crash sparked by massive liquidations in leveraged bets that sent Bitcoin tumbling.

At press time, Bitcoin was trading at $86,107, up from Friday's low of $80,524.

Quantum computing has raised concerns about Bitcoin's future; although Bitcoin already has some built-in quantum resistance, some fear that powerful machines could one day compromise its security.