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Binance's CEO: Bitcoin is Small Today, but 5-10 Years from Now - Prices Will Be Higher

Sat, 11/16/2019 - 15:11
Vladislav Sopov
Speaking to Bloomberg TV, Binance's CEO Changpeng Zhao shared his views on Bitcoin's endeavor to become real money and his interactions with regulators worldwide.
Cover image via U.Today
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Binance's CEO Changpeng Zhao recently sat down with Bloomberg TV and criticized the perception that Bitcoin (BTC) is not treated as "real money".

Real Money From A Long-Time Perspective

Mr. Zhao was asked for his opinion in regards to a speech by the former European Central Bank (ECB) President Jean-Claude Trichet. Mr. Trichet claimed that "Bitcoin itself is not real, with the characteristics that a currency must have", and that cryptocurrency is not the "future of money".

Mr. Zhao pointed out that BTC and the cryptocurrency industry as a whole are in their infancy. While he admitted that today's BTC will remain a "small market cap instrument" subject to high volatility, the best days for BTC are yet to come:

If we look at fundamental technology in the long-time view, say five year-ten year horizon, we're very confident that the industry will get bigger. And when the industry get bigger, the prices will be higher.

Mr. Zhao also predicted a "race" by nations. This was inspired by the Chinese President's previous decision to invest heavily in blockchain technology, specifically - in blockchain education. This will allow more people to learn and understand the positive aspects that cryptocurrency has to offer, as well as about BTC.

Shift in Regulator's Attitude Will Bring About Mass Adoption

Changpeng Zhao highlighted the positive attitude and change in heart that financial watchdogs have had towards the mass adoption of blockchain technology. His favorite example is Singapore, saying that the Government of Singapore has an "in-depth understanding of technology".

Among his latest achievements in this sphere, Mr. Zhao was mentioned in a memorandum between Binance and the Government of Ukraine. Within its framework, governmental bodies of Ukraine will receive consulting and educational assistance.

Binance CZ: Trump Paying Attention to Crypto in Public is Good for Crypto

When asked about Facebook's infamous cryptocurrency Libra, Changpeng Zhao evasively answered that when it comes to the listing, the final word belongs to the end users:

We will have a more closer look when Libra comes out. Our metric is very simple: we look at the number of users. If it's high we have no choice but listing.

For now, let us dream. What are your thoughts about Libra on Binance? What do you think will be the next steps of dialog between Binance and the Chinese regulators? Share your thoughts on our Twitter

About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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