Ferrero (Young): “Bitcoin is the answer of a generation that has less faith in institutions”
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“Bitcoin is a currency. And behind it there is not only an industry, but an entire generation that trusts the technology and the future it promises. I’m not surprised that this is not understood by those a few years older”. Andrea Ferrero is the founder and CEO of Young. He is 24 years old and is from Turin. After high school he founded a cryptocurrency trading platform together with five classmates from the Itis of Fossano. Young Platform, indeed.
The criticisms read these days about the fraudulent nature of cryptocurrencies do not surprise him. Nor do they scare him. His voice betrays no resentment. They don’t seem to concern him. Not even when they come from names like that of Ray Dalio, who in recent days has defined Bitcoin as something without meaning or underlying. “Our users are young. Our clients are young. They have a different approach,” he says. Almost a vindication of an entire generation. Gen Z. And among them are a large part of their customers: 1.5 million to date. 74 full-time employees. Offices in Paris and Estonia. It is among the most used in Italy. And investments that have come over the years from Azimut and United Venture.
Bitcoin has no underlying. It is not known what the buyer buys. Ferrero, what is Bitcoin for you?
“Bitcoin is a currency, no question”
But it is also an investment. Whoever buys it buys it hoping that it will be appreciated.
“Like someone who buys dollars, I see no difference”.
Except that Bitcoin has much stronger swings than a traditional currency.
“The swings are there and it’s a very volatile currency. But this is due to the low capitalization behind it”.
500 trillion is a small amount?
“Very few for a coin born on the Internet like Bitcoin”
2022 was the year of scandals. How do you interpret the crash of Ftx and the other collapsed exchanges?
“It’s a system that tripped itself up. The crashes are the effect of scams, there is no doubt. And this has led to discouragement and a market crash. But we work with the honest side of this industry. We are trying with others to build an industry. And the discouragement we know will be temporary”.
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Did you work with Ftx?
“No, but they tried. We have vetting procedures when working with other exchanges. And FTX did not pass them”.
Have you been good?
“Mostly lucky. It seemed to us that their credibility was highly built. In fact, it later turned out that for many of them they were credible. But they bought their credibility. In the media, in politics”.
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A system in which there are good and bad then.
“A bit like everywhere. There are bad actors and good actors in a system. We try to work with the good ones. There are, there are many, I would say the vast majority. They just don’t feel it, they don’t make the news. What we are trying to do is raise awareness among regulators and politicians: the crypto industry is not insane, and they can determine its success. Or the end.”
What moves an eighteen year old who is passionate about cryptocurrencies? What prompted you to found Young?
“Cryptocurrency is an industry that we feel very much belongs to our generation. I believe that Bitcoin is the currency of our generation”.
How did it become?
“From the disillusionment that many of my peers feel about institutions. We are disillusioned on that front, we are instead passionate about technology”.
What makes technology special?
“That once you write it, it’s the same for everyone. Take Bitcoins. That’s how it’s done, that’s how its blockchain is done, if you’re good it’s an opportunity. And that goes for everyone. Institutions are a mechanism that appears opaque. They get consent, then they do something else. Technology does not ask for consent. Just to understand it.”
Is this why institutions generally tend to block cryptocurrencies?
“I guess so. Then there are some incomprehensible aspects”.
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Guy?
“An instrument that for the first time has done what no one has been able to do before is condemned: those who approach Bitcoin study what money is, how it is created, what value it has. Bitcoin has enormous pedagogical value. I wonder how anyone can say that it has no social value. And I wonder how many of our parents know what a coin is. While the children probably know it”.
Twitter @arcamasilum
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