Why Martin Shkreli Likes Stablecoins Over Bitcoin, Ethereum

Martin Shkreli, who gained notoriety for jacking up the price of a lifesaving drug by 5000%, says he’s working on a decentralized software with applications in the pharmaceutical industry.

What Happened: Shkreli said he sees the potential use cases for blockchain in the pharmaceutical industry. He did not elaborate on the nature of the software he was working on and its scope, according to a Decrypt report

Shkreli, who earned the sobriquet “Pharma Bro,” said he holds a “smattering of different coins” tied to “physical reality or financial reality. So anything stable, or asset-backed, is exciting to me.”

He showed extreme bullishness on stablecoins, but not algorithmic ones like the beleaguered Terra Classic (LUNC), reported Decrypt. 

Shkreli reportedly denied he was launching a decentralized exchange as was reported by Decrypt earlier, which cited a press release. 

See Also: How To Get Free Crypto

Why It Matters: Shkreli said stablecoins had “proven themselves” more than Bitcoin BTC/USD and Ethereum ETH/USD

Shkreli also said he owns a handful, including a Milady NFT but doesn’t see himself “doing an NFT” unless it was for social or humorous reasons.

“I think NFTs are fun, they’re interesting, but most of the time they’re kind of a joke,” he said, as per the report.

In a recent social media conflab, Shkreli labeled two of the most popular NFT collections “Crypto Punks” and “Bored Ape Yacht Club” as “retarded.” He said Web 3 meant “nothing.”

Shkreli’s revelation that he’s toyed with cryptocurrency on Uniswap after getting out of prison earned him the displeasure of Ethereum co-creator Vitalik Buterin, who said, “Platforms must find a way to incentivize higher-level thinking and behavior instead.”

Read Next: Vitalik Buterin Says Blockchain Not Just For Finance Buffs: Here’s Who Else It Can Be Good For

Photo by House Committee on Oversight and Government Reform on Wikimedia