Binance CEO CZ on access to Bitcoin (BTC) and crypto

Fri 19 Nov 2021 ▪ 19h52 ▪ 3 min read — by Felix Meyer

Head of Binance, the world’s most renowned crypto exchange, has recently given yet another interview to Bloomberg, focusing on some of the most pressing ongoing issues related to the digital asset market.

Changpeng Zhao (CZ) has been one of the most famous billionaires in the world for quite a while now, holding the position of Binance CEO for four years straight. He is apparently the one most frequently asked about the exchange and related crypto topics.

CZ on crypto regulation

This time the first topic of the interview turned out to be Binance relationship with various regulatory authorities all across the globe. CZ noted that attitudes to his exchange differ drastically in various regions and jurisdictions. For example, in China, Binance operation is simply prohibited by law.

In fact, Changpeng admits it was always quite an evident scenario. He believes China to be open to blockchain technology, which is why he personally started developing his own digital currency. However, in the end, China decided to get rid of any competitors of the digital yuan, the country’s CBDC, giving in to its old crusty traditions.

As CZ stated, the US is the most advanced country in terms of cryptocurrency regulation. The head also highlighted Singapore, which is deemed to be progressive and hospitable to innovation yet extremely cruel.

Zhao shared his opinion on the future of cryptos as well. Adoption turns out to be the main factor allowing cryptocurrencies to become mainstream, however, it currently stands at about 5%. Changpeng said the figure should reach 50% in the next ten years.

Next, CEO of Binance referred to Bitcoin’s outrageous volatility. He stressed that cryptos are a relatively new asset, which triggers such severe fluctuations. Yet this should never discourage investors from entering the digital asset market. 

CZ on CBDC

Going further, Changpeng Zhao referred to CBDCs, digital currencies of the countries’ central banks. They can’t be perceived as a threat to the digital asset market, since they also depend on blockchain technology. Moreover, according to the head of Binance, such cryptos guarantee that authorities of many countries will provide their citizens with all the necessary information about the crypto market.

Zhao ended on a bright note, saying that cryptocurrencies are one of the most promising technologies destined to radically change the whole world thanks to the innovations provided by the blockchain. That’s why everyone should have access to financial tools like crypto.

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Felix Meyer

Le trading et l'analyse technique sont mes spécialités depuis 4 ans. Je décortique le marché et vous partage mon expertise.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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