Martin Shkreli: DeFi is the future of finance
Martin Shkreli: DeFi is the future of finance

Martin Shkreli: DeFi is the future of finance

By Vincenzo Cacioppoli - 23 May 2022

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Martin Shkreli, the former manager of three hedge funds who went to prison for fraud, spoke in enthusiastic terms about DeFi and Uniswap in particular.

Martin Shkreli
Martin Shkreli

Martin Shkreli’s optimistic view on DeFi

Martin Shkreli, the former founder and CEO of MSMB Management, Retropin and Turing Pharmaceuticals, who became famous for managing to raise the price of a life-saving drug by 5,000%, was released from prison and transferred to community confinement on Wednesday. The manager had been convicted of fraud and sentenced to seven years in prison in 2018.

Upon his release from prison, Shkreli spoke about cryptocurrencies and DeFi, saying he was certain that very soon some crypto reality could replace some of the biggest banking giants.

Shkreli said he is absolutely optimistic about where DeFi is headed and its future role in finance, revealing that he has used the technology in the past, speaking in particular of the most prominent exchange in the Ethereum ecosystem:

“Uniswap is really cool. I started using Uniswap in prison”.

The former fund manager also stated that Bitcoin‘s dominance is likely to diminish mainly at the expense of Ethereum and other blockchains such as Solana and Algorand, which have higher use cases than the leading cryptocurrency by capitalization for the time being.

He also discussed how DeFi could partially replace the traditional financial system in the future, commenting:

“I don’t think it’s at the limit of where it can go. I think we’ll see more and more financial products that end up in DeFi… eventually we’ll see some crypto entity be bigger than the banking behemoths”.

The big world of tokenization of real assets 

Shkreli also spoke about tokenized shares through the blockchain, stating:

“There are so many ways we can do things with DeFi. There should clearly be an Apple coin and a Tesla coin. The idea that I can’t buy a Tesla share without going through this SEC apparatus and all these other steps is kinda nuts… there are people breaking the silo and trying to destroy it forever, I hope”.

Shkreli, referred to as ‘Pharma Bro’, became famous for buying the licence for a drug called Daraprim from his company Turing. Shkreli’s company increased the price of the drug from $13.50 to $750 per pill in 2015. 

The conviction was not only due to this, but to a multi-million dollar stock fraud trial that began in 2017 and ended in September 2018 with a 7-year prison sentence. He was released before the end of the sentence for good behaviour.

This fact was the occasion to create a debate via social media, with rather caustic comments against the decision to release him before his due date, such as that of the famous mathematician Nassim Nicholas Taleb, who wanted to have his say on the real reason for his release.

Shkreli commented on this and other comments with a sarcastic:

“Getting out of real prison is easier than getting out of Twitter prison”.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog., he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

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