In early Wednesday, December 19, 2018, Binance CEO Zhao Changpeng had an interview with Bloomber’s Blockchain Day break show to discuss about the blockchain, the government stands towards crypto industry and current market situations.
Binance, one of the largest cryptocurrency exchange which is presently valued at $1,097,622,605 as per coinmarketcap, is soon hosting a ‘Blockchain Week in Singapore’ that will likely discuss why will cryptocurrency industry still have future and why are few crypto masses still confident about the Bitcoin and blockchain.
Bitcoin’s Terrible 2018
While speaking about the price fluctuations of Bitcoin so far in the year 2018, he said that ‘this was a crushing year’. It doesn’t matter; he embraced that the people are still confident in the crypto industry so it doesn’t matter. The interview kept on focusing on his opinion towards the bull story in crypto.
On questioning the impact of price on the bull story in crypto, he said that the price crashes due to speculations. However, he adds that it does grow by the people who initiate the good application and adopt cryptocurrencies in long term. He further continued the conversation, stating how market ascended in the year 2017 and how it has reached to its all-time low. CZ pointed out;
So there is always been speculation which causes the price to fluctuate either over fluctuation upward over fluctuation downward. Last year it fluctuated upward too much and now facing a crushing year.
He thinks that the market may ascend – ‘we don’t know if ascend, we hope it ascend but we never sure’. CZ notes that the ‘ long-term industry is sustained by real applications, real use cases of cryptocurrency which has resulted where we are today in terms of prices.
Expansion and Setting New Milestone Citing Regulations
He said that the strategy of Binance has not changed at all. By noting the fiat exchange they launched so far, CZ discusses his plan of launching two-three fiat exchange in near future. Moreover, he said the 10 more fiat exchanges will also get added in next year by Binance, citing their new DEX which is a very core blockchain based exchange with extensive freedom.
Seeing the regulatory frameworks on cryptocurrencies across the various countries including Hong Kong, Australia, Italy as reported by Coingape, CZ explains regulations on cryptocurrency needs clarity. He said that
We want clarity. There’re still too much uncertainty in too many countries of the world regarding the regulation around the cryptocurrency industry. We want clarity and a good sense about regulation, – regulations that promote innovation and nothing that pampers innovation.
His Assets are Definitely Down But He is Confident
Binnace CEO had reportedly invested millions of dollars in crypto early this year which are presently down as the market crashed. With this, he said that he has been in this current situation before and still confident that the industry will sustain.
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Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com