Changpeng Zhao, CEO of Binance, one of the world’s largest cryptocurrency exchanges, shared some comments about Bitcoin (BTC) and the banking sector on his Twitter account on the evening of March 20. Here are the latest statements from Binance CEO…
Binance CEO talks about banking crisis
Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency exchange with daily trading volume, which is used by many, touched on the banking crisis in his new tweet. Bank failures are simply a natural market crash, according to tweets from the CEO, who has over 8 million followers. Regulators, on the other hand, are trying to protect these failed systems that impose a high cost on society. Zhao also pointed out that every ten years the same banks fail and instead of letting them disappear, they are kept alive at great cost to taxpayers.
He also noted that it is difficult for new banks to enter the market and compete, and new banks often have to operate in the same way as old, failing banks. According to Zhao, this does not reflect a truly free market. Zhao’s comments came in response to a tweet by Gabor Gurbacs, founder of PointsVilleApp, criticizing Credit Suisse earlier on March 21. Zhao took this opportunity to point out that the CEO of Credit Suisse once called Bitcoin a bubble when it was worth $7,000. cryptocoin.com Today, Bitcoin is worth $28,000 and continues to thrive despite criticism from traditional banking institutions, according to data.
Cryptocurrency exchanges and traditional financial institutions have been in conflict for a long time.
Zhao’s comments took the banking industry by surprise, as many traditional institutions’ advocates were offended by his words. It is important to note, however, that cryptocurrency exchanges trying to “disrupt” the traditional banking system and the banking industry have long been at odds. All in all, Zhao’s comments may be controversial, but they highlight the growing gap between the traditional banking industry and the cryptocurrency world. As more people turn to cryptocurrency, it will be interesting to see how these two industries will coexist in the future. It is known that there are important differences between the two.
Traditional financial institutions are centralized entities that are heavily regulated by governments, while cryptocurrency exchanges are decentralized and operate independently of any central authority. Also, cryptocurrency exchanges are generally more transparent than traditional financial institutions because they use Blockchain technology, which records all transactions in a public ledger that is accessible to everyone. Cryptocurrency exchanges are generally more accessible to anyone with an internet connection and some cryptocurrency to trade, while traditional financial institutions usually require a minimum account balance and there may be additional requirements for opening an account.
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