- River CEO argues that Bitcoin-only exchanges focus on long-term wealth, unlike speculative platforms.
- The crypto market downturn continues as Bitcoin falls to $82,728.94, raising bearish concerns.
In a surprising move, River CEO and CTO Alexander Leishman took to X (formerly Twitter) to outline the two distinct paths for crypto exchanges or brokerages.
He highlighted the current state of the industry, distinguishing between Bitcoin [BTC]-only platforms and multi-asset trading platforms.
Alexander Leishman on two paths of crypto exchanges
According to Leishman, BTC-focused exchanges prioritize long-term wealth preservation through hard money principles, ultimately evolving to resemble traditional banks.
In contrast, multi-asset platforms operate by listing numerous cryptocurrencies, building their business models around speculative trading.
Criticizing the second path of crypto exchange, Leishman said,
“This leads to the exchange becoming more like a casino.”
Are exchanges turning into casinos?
Leishman further emphasized that while both exchange models can be profitable, there is no middle ground between them.
He argued that once an exchange introduces a non-Bitcoin asset, it inevitably commits to the never-ending cycle of listing speculative tokens, particularly memecoins.
According to him, adding Ethereum [ETH] necessitates listing its associated tokens, just as listing Solana [SOL] would require supporting its ecosystem.
This, he suggested, forces multi-asset platforms into a continuous expansion of offerings, shaping their business model around high-risk trading rather than long-term wealth preservation.
In his argument, Lesihman further added,
“There are many successful crypto casinos, but I have no interest in building such a business. The casino business model is built around maximal extraction from customers, and the Bitcoin only model is focused on helping people build long-term wealth.”
Community darts questions at River’s CEO
Replying to his post, Vijay Boyapati questioned,
“Would you include stablecoins in the Bitcoin-only path? It seems there is some benefit to allowing folks to buy Bitcoin who may not have an easy fiat on ramp”.
To which the CEO of River replied,
“Stablecoins are just rails for dollars. So I wouldn’t categorize it as a separate asset.”
That being said, the questionnaire didn’t stop there, as another X user, Brandon Schreiner, took to X and asked,
“What about a bitcoin only, but customers could send any other coin and it would convert immediately and only to bitcoin?”
To which he replied,
Source: X
Current market trends
This coincided with the ongoing downturn in the crypto market, which added another layer of uncertainty to the current landscape.
With the global crypto market cap dropping to $2.67 trillion—a 0.52% decline in the past day—Bitcoin’s volatility remained a key concern.
After briefly touching $88,000, BTC has once again slipped to $82,728.94, fueling bearish sentiments.
Additionally, Bitcoin’s one-year percentage change is also approaching negative territory, a trend historically linked to market downturns.
While past instances of such declines have led to further losses, some analysts speculate that this cycle could resemble 2020’s consolidation phase rather than a prolonged slump.
Therefore, if the downward trajectory persists, it could indicate further lows ahead, shaping the market’s next critical phase.
