At the Web Summit, Binance CEO CZ shared his views on the future of Bitcoin and the crypto market.
Binance’s CZ: Bitcoin and crypto regulation
It’s no secret that CZ, CEO of the world’s largest cryptocurrency marketplace, is a popular figure among cryptocurrency insiders, and from his position, he certainly has a perfect view when it comes to the state of financial regulators and their behavior.
From the stage of the Web Summit, an important event for all crypto lovers, Zhao spoke about the collapse of digital currencies, the moves of his colleague Elon Musk and the hot topic of financial regulators.
Cryptocurrency regulation is a topic that has always been close to Binance’s heart precisely because of its natural inclination to update tradable currencies on the platform and understand the potential of each.
With this in mind, it was thanks to Binance’s mediation with countries such as France, Spain, Bahrain and Abu Dhabi that it was possible to start the path that led these countries through their regulators to be important crypto trading venues.
The regulators have enabled these countries on the push of Binance to generate a significant mass of enthusiasts and investors who have created new wealth while indirectly helping the countries themselves.
The CEO of Binance described the regulators of the countries described above as “smart” in that they were able to cooperate and let new resources such as crypto flow into the countries.
Asked about America’s role in the world of digital currencies, he added:
“In reality, US regulators are pretty good. Using the automated clearinghouse protocol, cryptocurrency exchanges in the US can automatically deduct money from the user’s bank account every month without user intervention. other parts of the world, we don’t have that level of banking support yet.”
Zhao went on to add:
“US regulators are more restrictive on offering products such as derivatives, very few people have licenses.”
The trend of the crypto market
The crypto market is still in a bear market, which means poor times for everyone. Bitcoin, the beacon that has been driving this world for more than a decade has seen it lose 70% of its value from the recorded high of $69,000 to the current $20,000 or so, but this dark period should not worry according to Zhao.
CZ on stage at the Summit explained that:
“cryptocurrency is probably the only stable thing in this very dynamic environment.”
At the Lisbon keynote, Changpeng Zhao stressed the importance of the fundamentals of this asset and why we are at a sort of minimum value bottom line.
“if you look at the technology, if you look at the fundamentals of cryptocurrencies, at the limited supply, nothing has changed, it has been the most stable thing, from a technological point of view, in this turbulent situation.”
The bear market is probably not yet at the end of the line, but the words of the Binance CEO hint that we may have reached the respective lows of at least the most capitalized currencies.
Elon Musk amid investments and his role in the world
Elon Musk is known to be a character as brilliant as he is “strange,” and this hasty opinion that many people have also seems to be the most accurate to reality, or at least that is what it seems by listening to CZ when he discusses the topic.
For its part, Binance invested $500 million in the operation that led Elon Musk to become the owner of the social network and when questioned on the matter, the CEO of Binance himself said the same words as Musk, namely that the operation was done in the name of freedom of speech.
“We want to be extremely supportive of free speech.”
Zhao said at the Web Summit microphones and then continued that the goal of the company he heads is to:
“help increase freedom of money. And freedom of speech comes before freedom of money.”
Commenting on the histrionic, naturalized Canadian entrepreneur, CZ admitted that.
“Elon Musk is probably a pretty hard guy for me to predict.”
He went on to explain that he is so unpredictable that he introduced a totally different business model 20 minutes after taking office.
Twitter’s ad-based business model has now been superseded by the new method introduced by Musk which is Netflix-style subscriptions, a double-stranded link between users and the social network, costing $8 per month with increasing functionality depending on the various types of subscriptions.
The view from Binance’s CEO is that Twitter will be revolutionized:
“I fully expect that with Elon in charge, the launch speed of the new features will be much, much faster and that not all of them will stay.”
Going into detail, he continued:
“Actually I’d say most of them probably won’t stick. But that’s how you understand the rest of the 10% of the features that will remain, defining a lot of new features.”
The talk became mysterious when a reporter referred to Musk’s currency (Dogecoin) that will be integrated into the social network.
Apparently, Musk intends to introduce Dogecoin as a preferred currency to be used on Twitter but it is not yet known whether or not it is one of the South African entrepreneur’s provocations or is a gimmick that will remain active in the future.
Zhao’s comment was tight-lipped and the CEO of Binance remained deafeningly silent when confronted with direct questions, so as not to interfere with Elon Musk’s plans and leave room for any ideas on the subject.