Bitcoin Can Solve DeFi Onboarding Crisis, Exec Claims

As the decentralized finance space continues to be plagued with hacks, people have become less interested in jumping in and engaging with DeFi. But according to Dennis Jarvis, CEO of Bitcoin.com, one way for DeFi adoption to move forward is through Bitcoin (BTC).

In a keynote address at the Blockchain Economy Dubai Summit 2022, Jarvis pointed out that massive losses of investor funds such as the collapse of Terra and the Axie Infinity Ronin hack have made DeFi unappealing to potential adopters. However, the executive believes that by using Bitcoin as a hook, DeFi can overcome the onboarding crisis caused by its declining reputation.

In a conversation with Cointelegraph, Jarvis explained why his team believes that Bitcoin can be people’s gateway to the DeFi space. He said:

“I think the vast majority of people are most interested in finding out about Bitcoin first. It’s the first step in their crypto journey, and that includes buying their first Bitcoin.

The executive said that after people get their first BTC, the team has the opportunity to help the community easily exchange some of the Bitcoin for assets such as Avalanche’s AVAX, Polygon’s MATIC, Ether (ETH) or others through a decentralized exchange. Jarvis believes that this could eventually push Bitcoiners further on their DeFi journey and use decentralized applications.

When asked why Bitcoin.com, a brand strongly associated with Bitcoin and Bitcoin Cash (BCH), is venturing into DeFi, the executive explained that it believes in a multi-chain future and is trying to improve its offerings to its consumers. He said:

“We really believe that multichain is the future of crypto, that there’s frankly a universe of possibilities and a variety of features available in different DeFi primitives that are popping up all over the place.”

Because of this belief in a multi-chain future, the executive emphasized that the firm should be able to keep up. He noted that it wants to give users the opportunity to participate in DeFi.

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When asked about Bitcoin maximalists who might not support DeFi or other products besides Bitcoin, the leader highlighted that being a Bitcoin maxi could be related to concerns about fraud. He said:

“I think there is an element of Marxism that is concerned that people are being ripped off and ripped off, and so are we. […] We do our best to help them avoid the riskier, perhaps potentially scammer side of crypto.”

Jarvis emphasized that ultimately the team is happy to support those people who believe that Bitcoin is the only true coin and that everything else is a scam.