Renowned Bitcoin advocate Jimmy Song has been an integral part of the BTC ecosystem for over a decade. From his role as a developer and network supporter to authoring multiple books on Bitcoin, Song has tirelessly worked to educate the masses about the advantages of the cryptocurrency. During an interview at the Bitcoin Conference 2023 in Amsterdam, CryptoPotato had the opportunity to discuss various BTC-related topics with Song, including ETFs, Ordinals, the blockchain’s future, inflation, and money printing.
One of the hottest debates in the crypto community revolves around the possibility of a spot Bitcoin ETF being approved in the US. While some, like Edward Snowden, are skeptical about its potential positive impact, others see it as a way to legitimize the cryptocurrency for institutional investors. When asked about his stance, Song stated that he falls into the “I don’t care camp.” He pointed out that futures ETFs and spot ETFs have already been available in the US and globally, respectively. While institutional investors may find it easier to enter the BTC ecosystem through spot ETFs, Song expressed concern about the potential dangers of employing short ETFs, as redemptions would have to be delivered in actual Bitcoin.
Turning his attention to Bitcoin Ordinals, Song considered them to be a typical “pump and dump” scheme. Ordinarily, such schemes occur within the altcoin space, such as during the DeFi summer and the NFT craze, primarily on Ethereum. This time, however, it occurred within the Bitcoin realm, catching many by surprise. Despite the initial hype, Song believes that the Ordinals phenomenon has already peaked and holds minimal significance.
In his first interview with CryptoPotato five years ago, Song famously wore a cowboy hat, symbolizing the unregulated and untamed state of the Bitcoin industry at that time. When asked about any regulatory developments, Song humorously remarked that we may have progressed slightly from the Wild West era to the era of bounties. He acknowledged that some of the wildness within the crypto space has been reined in due to increased regulatory efforts, exemplified by the ongoing prosecution of figures like Sam Bankman-Fried. However, Song also acknowledged that regulators are starting to recognize that Bitcoin is fundamentally different from traditional assets.
Looking ahead, Song reflected on his prediction made five years ago, in which he anticipated a growing interest in “freedomish” assets like Bitcoin within the next 15 years. While governments have implemented more control measures during the COVID-19 pandemic and are preparing to launch central bank digital currencies (CBDCs), Song believes that recent events have sparked skepticism in many individuals. People are now seeking alternatives and better education before making significant decisions. Although he predicts that some will eventually comply with CBDCs, a sizable portion of the population has become more freedom-minded. This shift in mindset may take decades to fully manifest.
Song’s latest book, titled “Fiat Ruins Everything,” delves into the corruption and flaws of fiat currency, with a focus on rallying Bitcoiners. The book serves as a wake-up call to those who already own Bitcoin, urging them to recognize the extent of fiat corruption. By highlighting the shortcomings of traditional monetary systems, Song aims to strengthen the resolve of Bitcoin holders.
Jimmy Song’s insights shed light on various Bitcoin-related topics and offer a glimpse into the evolution of the cryptocurrency landscape. From the ongoing debate surrounding spot Bitcoin ETFs to the rise and fall of Bitcoin Ordinals, Song’s perspective provides valuable insights for both Bitcoin enthusiasts and skeptics alike.