Binance CEO says that they will kick of 2020 with a bang

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Last Year Was Tough, But We Will Kick Off 2020 With a Bang – Says Binance CEO

The last year 2020 has been a tough year for cryptocurrencies. Valuations are down 80% (and even more) and critics are claiming that a funeral is coming soon. However, not everyone has the same feelings. Presidents of many large concerns, both within and without the crypto universe, have spoken out about the long-term viability of cryptocurrencies and the innovative benefits of blockchain technology.

The opinion of Zhaoa

One of the optimists is also Changpeng Zhaoa (known in the community under the nickname CZ) CEO of Binance, In a recent interview for Bloomberg, Zhaoa expressed his confidence in the industry and dispersed all worries going forward. Zhao is the founder and CEO of Binance, a fiat currency exchange that, by volume, is the world’s largest crypto-exchange. The 24-hour trading volume within Binance recently stood at USD 1.1 billion.

Zhao also has his entire investment portfolio in crypto-assets, valued at over $2 billion earlier this year. He has neither strayed from his path, nor does he regret any losses he has suffered. He has been in the cryptocurrency business for the long haul, which he claims will be bright and prosperous in the future.

The last two years have witnessed the entry of both futures trading, along with traditional investors jumping over one another into the crypto space, which gave birth to the term “FOMO” (Fear (Of Missing Out). Zhao thinks more long-term:

„I think people in the industry are still very confident about the future. So, there are no worries about that. There will always be speculation, which will cause the price to fluctuate… Last year, it fluctuated upwards too much, and now we are in a correction phase. But the long-term industry is sustained by real applications and real use cases of cryptocurrency, and a lot of people are building. So, that’s happening regardless where the price moves“

During the Bloomberg interview for Bloomberg, he also made these points:

  • None of our plans changed. We are still pushing forward, very aggressively.
  • Binance will roll out ten more fiat-crypto exchanges as well as the company’s first decentralized exchange.
  • Binance welcomes regulatory involvement within the cryptocurrency space from all governments around the world, as long as there is sufficient clarity to combat the present uncertainty.

In CZ’s opinion, good and sensible regulations will promote rather than be an obstacle for further innovation.

“2020 has been a tough year in terms of cryptocurrency prices. And we will se a lot of projects not doing good it this year, so it’s a correction year. But technology will stay, and we want to kick off 2020 with a bang.”

Zhao is not the only CEO of exchange to speak out about the bright potential of cryptocurrencies. His words are reminiscent of those of Brian Armstrong, president, and co-founder of Coinbase. Last June, Armstrong said to his staff: “I want to encourage you all to ignore the price of crypto and the headlines which will inevitably start to come up. Our job is to rise above that, finding our own intrinsic source of motivation, to come in and do our best work, regardless of what other people think.”

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More about the author J. Pro

Unlike Stephen (the other author) I have been thinking mainly about online business lately. I wasn’t very successfull with dropshipping on Amazon and other ways of making money online, and I’d only earn a few hundreds of dollars in years. But then binary options caught my attention with it’s simplicity. Now I’m glad it did because it really is worth it. More posts by this author

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Binance CEO: The Future of Crypto Will Be Prosperous

Crypto has had a very rough time in 2020. After reaching all-time highs between December of last year and February, several major currencies like bitcoin, Ethereum, Ripple’s XRP and Litecoin have all experienced significant, ongoing drops that have brought them down to only a fraction of where they were roughly 10 to 12 months ago.

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And yet despite all this, not everyone appears to be worried. Changpeng Zhao – the CEO of Binance, one of the largest and most popular overseas digital exchanges – has commented in a recent interview that he sees the future of crypto as one of great prosperity and growth. He has confidence in bitcoin and its altcoins cousins, and knows that once prices settle, things will likely return as they were.

Crypto Is Just Getting Started

“2020 has been a tough year in terms of pricing for the community, and we see a lot of projects not making it this year, so it’s a correction year, but the technology will stay, and we want to kick off 2020 with a bang, so I think the people in the industry are still very confident about the future. So, there’s no worries about that.”

Aside from the consistent price drops, the industry has also been marred with bad actors and thefts galore. 2020 started out with the largest cryptocurrency hack on record – Coincheck – which resulted in over $500 million in crypto funds disappearing overnight. Based in Japan, Coincheck was the second major exchange in the country to fall victim to a theft of that magnitude, the first being Mt. Gox in 2020.

It has been reported that over $500 million in investor funds were lost to phony or fraudulent initial coin offerings (ICOS) in 2020. The negative hype surrounding crypto’s volatility also struck a nasty chord with internet and social media companies like Facebook, Google and Twitter, all of which eventually sought to ban both crypto and ICO-based advertisements.

Prices Don’t Reflect What’s Happening

Zhao states that bitcoin and crypto prices will always be regular subjects of speculation, though he also stated that while he’s unsure if the bear market is over, he’s certain that in the long run, cryptocurrencies will be sustained by real applications and full-fledged blockchain developers, which he says gives the space its life and energy.

Binance is now planning to launch its own decentralized exchange in the coming months to give its customers more freedom in their trades. Zhao also states that his company is fully open to future legislation granted it is clear and doesn’t stifle innovation or creativity.

Will 2020 be a great year for cryptocurrency? Post your comments below.

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