Will the Downfall of CeFi Lead to DeFi Adaptation?

• Kanye West accuses Adidas (ETR:) of freezing $75 million in his bank accounts.
• Harvard University’s new study says that the central bank must hold bitcoin.

Kanye West has blamed Adidas for suspending four of his bank accounts, totaling $75 million. And he added that he will meet the former president again in 2024. He stated that his decision was influenced by Adidas reportedly breaking into his bank accounts and locking away all of his money. According to this bitcoin magazine, bitcoin is the correct solution.

Kanye West on financial censorship:“Adidas was able to legally go in and freeze my money…if this can happen to me this can happen to other Americans”#Bitcoin fixes this pic.twitter.com/gQR5xJ25ll

— Magazine (@BitcoinMagazine) November 22, 2022

He further asserted that the multi-billionaire is no longer able to use Apple (NASDAQ:) Pay and that if he has experienced this, all other Americans will as well. This all happened after he dropped out of the Adidas brand partnership, and he also stated that the centralized funds were the only reason he was in this scenario. To resolve all of these concerns, DeFi is the only option.

Perspectives On Centralized Finance

Representative Tom Emmer of Minnesota criticized Gary Gensler, chair of the Securities and Exchange Commission, and former FTX CEO Bankman-Fried for the failure of FTX and the consequences that followed.

On 23rd Nov on night Fox Business broadcast he stated that it is not just the failure of the FTX it is also the failure of Centralized finance and Sam Bankman-Fried.

According to a new study from Harvard University, the central bank must possess bitcoin. The report, titled “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” shows the potential of Bitcoin as an alternative hedging asset for central banks to combat prospective sanctions.