Business models centered on token variety are facing criticism for encouraging excessive speculation
River CEO Alexander Leishman made a statement on X, warning that crypto exchanges are increasingly adopting business models that resemble casinos.
In the post shared on March 29, Leishman outlined two divergent paths for the industry: Bitcoin-only platforms focused on long-term wealth and multi-asset platforms driven by speculative trading.
He argued that listing even a single non-Bitcoin token forces exchanges into a cycle of endless altcoin offerings, explaining that “the minute an exchange adds one non-Bitcoin token they are signing up to be on the forever hamster wheel of memecoins.”
“It makes no sense to list ETH if you don’t list the tokens issued on ETH, and the same goes for Solana,” he added.
Community reactions expose deeper divisions over crypto exchange models
The post sparked debate among Bitcoin advocates and crypto users, with several questioning the limits of a Bitcoin-only approach.
Author Vijay Boyapati asked whether stablecoins could fit within the model, pointing out their utility for users lacking access to fiat on-ramps.
Leishman replied that stablecoins are “just rails for dollars,” suggesting they don’t violate Bitcoin-only principles.
Another user, Brandon Schreiner, suggested a setup where exchanges accept any cryptocurrency but instantly convert it to Bitcoin.
Leishman acknowledged the idea but dismissed it as impractical. The company “would have to deal with all the other currencies” on its side, making the process “a major distraction” for them.
This exchange has brought renewed attention to the growing divide in crypto between those advocating for Bitcoin as sound money and financial discipline and those embracing asset diversity and speculative growth.
