Pascal Gotil, CEO and boss of hardware wallet service provider Ledger, says the collapse of key banks reveals BTC and self-service escrow requirements.

In an interview with Cointelegraph's Franz Hall components at blockchain Technology week in London, Gotil mentioned how recent events have shown that BTC can be a safe haven against intermediate attacks. He explained:

Bitcoin was tailor-made to deal with Lehman Brothers during the 2008 financial turmoil. It's all designed because you can't trust the middle government. It is designed because it is very obvious and may not be successful in the middle. It's not a question that you don't understand. What is more important is the question of when.

According to Gao Jie, whenever ℃, FTX and bank failures occur, people flock to self-service escrow and encryption. "every time the sales market is under pressure and people care about their savings, you know, they will scramble for encryption and ledgers," he says.

In addition, the Ledger management also believes that because of the current situation, people are beginning to pay attention to the reality of financial institutions. Gautier explains that many people come from the idea that the purpose of financial institutions is to protect everyone's money, because even if the bank fails, everyone will be reimbursed. However, this may not be the case.

"she is figuring out that, in fact, that is not necessarily the case. Because it's too troublesome. But again, this is also the crash course content of Bitcoin, and why it exists and why it is necessary for the future, "he explained.

When it comes to whether the entry of traditional well-known brands into Web3 will pose a security threat to the decentralization of encryption, Gotil expressed his firm belief that such a thing will not happen. He said:

If something like this happens, then Crypto will die, and eventually we will move on to the next thing. I mean, the login password is either de-centralized or not. And all brands actually know this.

The LedgerCEO shows that brands can learn from Facebook's failure to pay attention to the fighting spirit of encryption, that is, decentralization. "you've already seen this film, and you know, they (Facebook) didn't succeed because they didn't pay attention to some of the basic rules of what the password is," he said. Anyone who tries to centralize encryption is doomed to fail, he added. According to Gao Jie, these are also "two magnets that cannot be glued together."

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