Changpeng Zhao (CZ), CEO of the world’s largest crypto exchange Binance, made statements about the current state of the crypto money industry and the potential bull season ahead.
CEO Changpeng Zhao recently to Bankless About the cryptocurrency industry in his interview attention attracting made statements. CZ talked about the industry in his speech. FUD possible when referring to news in the bull run on what to expect from cryptocurrencies your ideas shared.
Who will be the star of the next bull run?
CZ presented a multi-choice set of ideas for which areas of the cryptocurrency industry the next big momentum will be. 2017happening in ICO the fury, the ensuing decentralized finance (DeFi) And NFT pointing to the fury, CZ is on the next bull run Focusing on one thing can be the wrong attitude. implied.
next bull market a series “Unicorns”The CEO, who claims that he will have a social media platform or more an inclusive payment service He said that he could be among the leading names of the bull.
In 2017, there was basically the ERC20-centered ICO trend. In 2020 and even 2021, we’ve seen more than one thing going on. More than one thing can happen again in the next bull. It’s no longer the only thing driving adoption because the industry is bigger and there are more players. So we have to look at what the next big NFT and the next big DeFi are. Maybe social media for crypto hasn’t been invented yet. And there are some legacy uses like payments that haven’t started yet or are progressing slowly. Payments were one of the most obvious uses, but there were no stablecoins, lightning network, or real-time fast payments.
We will see more than one “Unicorn”
On the other hand, CZ said that a new trend does not necessarily have to start and that in the past bull runs very good performance strengthening of some sectors that you can come back stressed.
Zhao for the industry’s next big bull season that you are ready for now on where the money will flow indecisive He said he was staying. The CEO added that the recent meme coin rush is also due to this indecision:
What will drive the next cycle? Everyone is looking for this right now. This is probably why so many people pile on memecoins etc. This indicates that there are funds available for distribution. For example, smartphone integration is increasing in Africa and those people do not have banks. Less than 11% of African people have a bank but are directly connected to the blockchain. All of these can be potential. I don’t know which one but I think there will be more than one Unicorn or successful new venture. On the other hand, we will see that old initiatives also shape the sector.
FUD news distortion of the mainstream
Continuing his speech forbes, financial times And of Reuters CZ, who again denied the allegations of misuse of funds and the news about the so-called ties between Binance and China, reminded that such content is inflated to get reads.
Zhao, the mainstream news sources the crypto industry from a negative perspective tends to deal with and Due to the size of Binance He specifically suggested that he was involved in the FUD target:
No one cares if you write a negative article about a smaller exchange, but if you put Binance’s name in the title and something negative next to it, people will click more.
Will Binance buy a bank?
Zhao said that crypto companies, including Binance’s own operation in Australia, to the growing concerns about debt Although any firm probability of acquiring the banking institution Said it was low. CZ, who did not hide that they were considering the idea of buying a bank, however, said that it was not as easy as they thought and that Binance had to buy a bank. not everything will be resolved expressed.
CZ, World in the age crypto- friendly to banks While stating that there is a need, most banks in a critical position affiliated with the USA reminded that:
Taking a bank and making it cryptocurrency friendly is not as easy as one might think. You have to act under the regulatory agency of the country where you buy a bank. You don’t have the right to do whatever you want. It should not be forgotten that even if Binance buys a bank, it will need relevant banks all over the world and most of the relevant banks are in the USA.