In a conversation with the Bankless channel, published on Monday (29) and lasting an hour, Changpeng Zhao spoke on various topics in the cryptocurrency market, including Binance, its own exchange, and more controversial topics.
As a highlight, Zhao compared the cryptocurrency industry to the internet. When asked what the biggest opportunity is, the billionaire noted that there’s a lot going on in the market, and it’s up to us to figure out what the next companies will be with the same success as NFTs and DeFi.
“If we were talking about the internet, we wouldn’t be talking about the next big thing that will increase internet adoption. There are many different things, video conferencing, social networks, Google”Zhao remarked. “I think for cryptocurrencies/blockchain it’s more than one thing.”
“In 2017 we had ICOs, even in 2021 multiple things happened. It will no longer be one thing that will increase adoption as the industry is bigger, there are more players, different sectors.”
Then Binance’s CEO explains that “maybe a social network for cryptocurrencies has not yet been invented”but what old use cases that haven’t taken off yet may emerge.
For example, the first cryptocurrency after Bitcoin was Namecoin, which focused on decentralizing website domains. Even Satoshi Nakamoto got involved, but the project never got off the ground. Many years later, Ethereum Name Services (ENS) became a phenomenon, with a very similar proposition.
The same goes for NFTs, which emerged in 2014 but have only gained traction in recent years. That is, in addition to innovations, there are many good ideas that can lie dormant.
Returning to Zhao, the billionaire notes that the payments industry is interesting, as there is now the Lightning Network and faster blockchains, as well as direct conversion solutions, where the customer puts in cryptocurrencies and the merchant receives in fiat currency.
Binance’s founder also spoke on controversial topics
In addition to optimistic projections, Changpeng Zhao also touched on more sensitive topics such as the stock market war, the FTX bankruptcy and also the recent Ledger wallet controversy.
As for its rivals, Binance’s founder stressed that the industry grows through competition. However, he noted that there is a lot of cooperation between them, albeit indirectly, especially on regulatory matters.
Regarding FTX, its bankrupt rival, Zhao noted that he, like everyone else, was unaware of the fraudulent operations. Afterwards, he stated that the entire industry is affected by this.
“She [reguladores] came much heavier on top of the [indústria] of cryptocurrencies [após a falência da FTX]. They let the bad guys through and now they punish the good guys and the bad guys left.”said Binance’s CEO. “They slaughter everyone.”
Regarding the Ledger wallet, Zhao stressed that the situation is different, since no one has lost money, but that is still a problem.
“They have repositioned their product, violating core principles. We used Ledger because they said “this is a device that keeps your private key on the device”, now all of a sudden there’s a way to exit the device”stated Zhao. “That in itself is not fraud.”
Finally, Changpeng Zhao also shared a bit more about her own exchange, her chance to buy a bank and Binance Chain. Other points discussed included Twitter after Elon Musk’s takeover as well as other market advice.
The full video can be viewed in full below in English.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
