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

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  • Vladislav Sopov
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    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.

Binance CEO: Today Bitcoin is Small Instrument But in 5-10 Years The Prices Will Be Higher
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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.

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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

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

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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Ethereum’s Vitalik Buterin: Fiat Money Will Not be Destroyed

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  • Vladislav Sopov
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    Vitalik Buterin, Co-Founder of the Ethereum Foundation and “father” of Ethereum, sat down with Eric Weinstein on The Portal podcast to discuss “old” and “new” economics.

Vitalik Buterin, Ethereum: Fiat Money Will Not Be Destroyed
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Two intellectuals, Vitalik Buterin (Creator of Ethereum), and Eric Weinstein (PhD, scientist, and Managing Director at Thiel Capital), recently sat down on The Portal to discuss Mr. Buterin's attitude towards the "classic" economics theory.

Libertarianism and Diversity

When both individuals discussed libertarianism, Vitalik Buterin said that libertarians mostly belong to two large groups characterized as either a "leave me alone'" or "conquer the world" approach. This divergence can be extrapolated into cryptocurrencies in terms of their mass adoption.

Mr. Buterin highlighted that there are participants within the crypto community that are assured that fiat currencies will be destroyed and replaced by Bitcoin (BTC). In general, Mr. Buterin estimated that the prospects of any "short-term disruption" for the sake of some "nebulous long-term gain" is skeptical. He said:

I'm definitely not in the camp that actively relishes that fiat currencies will be destroyed. 

Mr. Buterin added that several members within the Bitcoin community share this belief.

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Peaceful Coexistence

Vitalik Buterin predicts that Bitcoin and other cryptocurrencies will coexist with fiat money and balance the disadvantages of the classic monetary system. He also added that cryptocurrencies will provide "checks and balances" against a government monopoly on "issuing money" rather than "replacing it entirely".

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Mr. Buterin is well-known as a champion of pluralism in future world of cryptocurrency. He is sure that different communities will defend their views on its development.

Will crypto one day replace fiat money? Tell us your opinion on Twitter.

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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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