On Monday (June 20), John Carvalho, former CCO at Bitrefill and currently CEO at Synonym Software Ltd, shared his thoughts on Bitcoin.

Synonym, which is owned by Tether Holdings, says on the landing page of its website that it has “designed a strategy and model for facilitating and accelerating a Bitcoin future by researching, developing, and bootstrapping a full ecosystem of the software products and protocols necessary to operate in a post-hyperbitcoinization environment.”

As Bitcoin Magazine reported, Synonym Software was launched on 16 November 2021.

Carvalho said in a statement sent to Bitcoin Magazine back then:

“Hyperbitcoinization won’t magically happen on its own… In order to live in a world without big banks, oppressive regulation, or Big Tech presiding over our lives, we need a strategy and ecosystem to replace the legacy economy. That is where Synonym comes in…

“By combining the Lightning Network’s speed and efficiency with an architected ecosystem of open P2P platforms and applications, Synonym hopes to accelerate Bitcoin’s ability to act as an independent, self-regulated economy.“

He also told Bitcoin Magazine:

“As part of the family of companies that make up Tether and Bitfinex, Synonym is positioned to integrate all of these companies products in a strategic way for Bitcoin, and we can reroute these resources back into Bitcoin development.“

Earlier today, Carvalho, who is also the host of “The Biz with John Carvalho” podcast, explained why he does not think of Bitcoin as an “investment” and advised Bitcoin savers on “how to behave when Bitcoin is in high vs low demand.”

He wrote on Twitter:

  • “Good morning, Bitcoin is not an “investment.” It is not a form of finance, a security, and it does not generate yield or revenue. Bitcoin is a commodity for saving long-term. There is no poverty in Bitcoin. You must have the ability to save long-term to own it safely.“
  • “Bitcoin having a fixed total quantity makes it highly exposed to the volatility of market supply and demand. This means Bitcoin savers need strategies for how to behave when Bitcoin is in high vs low demand.“
  • “High demand = good time to make purchases and pay debts Low demand = good time to cut back, create debts, increase income Bitcoiners consider renting more than buying expensive things, and they look for opportunities to dominate their obligations in inflationary assets.“
  • “The most important thing is that a Bitcoiner has income that exceeds his expenses, so he can continue to accumulate Bitcoin & necessary resources for emergencies. Stay humble, stay productive, save Bitcoin, save yourself, save your family, save your friends, save the world.“

Image Credit

Featured Image by “Donbrandon” via Pixabay.com