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Binance CEO “CZ” Bullish On Crypto Industry, Claims Stronger Recovery

Binance CEO "CZ" admits crypto industry sets back a few years amid the FTX collapse, but remains bullish on a quicker market recovery.
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Binance CEO “CZ” Bullish On Crypto Industry, Claims Stronger Recovery

Binance CEO Changpeng “CZ” Zhao on Wednesday admitted that the collapse of FTX “set the industry back a few years.” However, he remains bullish on the crypto market and claims the industry will recover quickly and become stronger.

Meanwhile, the crypto market seems to have likely recovered, with Bitcoin and Ethereum bouncing over 6% in the last 24 hours.

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Binance CEO: Crypto Industry Will Recover Quickly

Some industry leaders have claimed the FTX collapse set the industry back by 4-5 years. Three Arrows Capital co-founder Zhu Su believes the impact of the FTX crisis could be seen for even longer periods — seven or eight years. He asserts that the collapse of big crypto companies could set the industry back by many years.

After his crypto-focused hedge fund Three Arrows Capital filed for bankruptcy in June, Zhu has been meeting regulators and cooperating with court-appointed liquidators. Currently, he stays in the United Arab Emirates amid its emergence as a major crypto hub. Zhu Su looks to start a trading company that invests in both crypto and traditional assets.

Binance CEO “CZ” has acknowledged with other industry leaders that the FTX crash sets the industry a few years back. However, he asserts it is natural and compares it to the failure of regulated TradFi in 2008, after over 70 years of development.

Binance CEO CZ believes the crypto market will recover quickly and become even stronger. He has announced an industry recovery fund to help projects facing liquidity issues. While not enough details are revealed about the fund, CZ confirmed that more information will be revealed this month.

“Some (including me) say this will “set the industry back a few years.” But thinking about it, this is natural. There will be failures with progress. Happened in regulated TradFi in 2008, after 70+ years of development. The industry will recover quickly, and become stronger.”

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Crypto Market Recovery

The crypto markets recovered after whales started accumulating various crypto assets amid the dip. Ethereum whales scooped ETH worth $1 billion in a day, the fifth-largest single-day accumulation by whales until now. Whales also bought Bitcoin, BNB, XRP, Shiba Inu, Dogecoin, Litecoin, Chainlink, etc.

Bitcoin price is trading at $16,559, up over 6% in the last 24 hours. Whereas, Ethereum soars over 7%, with the price trading at $1,165.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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