Despite the crypto markets falling again after sending bitcoin above the $32,000 level, Changpeng Zhao (CZ) – CEO of the largest crypto exchange by trading volume – reiterated his bullish outlook on the industry in the long run. He stressed that assets are an investment as well as a currency, and that the crypto space will continue to grow despite the recent rising volatility.
I don’t have dollars: CZ
in the latest Interview With CNBC, Binance CEO CZ explained why he only used cryptocurrency to buy burritos to host Becky Quick. The conversation began with a quick inquiry on the status of cryptocurrencies as a currency or investment.
CZ replied that cryptocurrencies and fiat currencies are interchangeable. Can use digital assets to buy things in life and replenish legal assets for potential investments.
When pressed – if crypto is an investment – no one would use it for purchases because people would choose not to spend something in the future, CZ replied that he had no legal rights and that he owned crypto – this Thus, it is the only asset he can use for purchases in life.
“For me, I don’t have dollars. Everything I have is in crypto. So when I need to spend money, I need to spend part of it somewhere. For me, I’m all I’m into crypto. I don’t need to think about selling crypto. Crypto is my money.”
Furthermore, he added that crypto is much more suitable than fiat for cross-border payments as it is much cheaper and faster. In particular, when it comes to donations, he said, crypto has demonstrated itself to be a better option because it allows a smaller donation amount to be transferred – a feature that is currently available in traditional payments. Not available for the system.
Some people trade, and some people manufacture
In response to the state of institutional adoption in the crypto space, CZ has selected some of the most important sectors in the industry, including NFTs, DeFi, and more. He cited Fabled Token as “a killer app for artists,” allowing them to monetize their art in an unprecedented way.
At the end of the interview, he compared the crypto markets to the stock markets, saying:
“There are a lot of people trading on the volatility of the cryptocurrency. It is the same with the stock market – some people trade and some people build.”
On Wednesday, Binance Labs, the investment arm of Binance, raised $500 million to build its first start-up fund in the Web3 ecosystem. This was the latest move by Vishal to support incubated, early-stage and late-stage-growth Web3 companies.
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