‘Bitcoin Better Form Of Money Than Fiat’, Says Binance CEO

20 Jul, 2020 Updated 25 Jul, 2022

By Sahana Kiran

Contributor

Sahana Kiran is a graduate in Political Science, Economics and Journalism. She is a full-time crypto writer at CoinGape and takes a keen interest in cryptocurrencies, especially Ethereum and Bitcoin. Even though she's not a HODLER yet, she has eyes on Bitcoin.

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Bitcoin has been denounced for its extremely volatile and unstable nature. However, recent data says otherwise as it highlighted Bitcoin’s low volatility. Binance’s CZ went on to endorse BTC for being stable.

Is Bitcoin Defying Its Volatility Standards?

The crypto-verse has been anticipating the price of Bitcoin to breach the 10K zone. However, the king coin seems to be lounging in the 9K zone for the longest time now. While several crypto influencers have been predicting that the price of Bitcoin could beat its all-time high, the coin doesn’t seem to be complying with these predictions.

Bitcoin has been described as one of the most volatile assets. Defying the obvious, Bitcoin’s volatility is faring very low. Prominent analytics platform, Skew shared a tweet highlighting the same.

The CEO of Malta-based cryptocurrency exchange, Binance, Changpeng Zhao aka CZ appeared on Bloomberg Daybreak: Asia and shed light on Bitcoin’s price movement. While the entire crypto community has been awaiting a significant price change in Bitcoin, CZ suggested that Bitcoin would sooner or later, considering the current scenario that consists of everything pertaining to macroeconomics as well the quantitative easing and fiat streaming into the economy. However, Bitcoin has been extremely stable, CZ pointed out.

Furthermore, he highlighted the fact that the market is currently inclining towards altcoins and about 60 percent of the exchange’s volume was derived from altcoins.

The Infamous Twitter Hack

During the interview, CZ spoke about the recent hack on the social media platform, Twitter, that dragged Bitcoin into it as well. Bitcoin has been time and again associated with illicit activities and the latest hack gave Bitcoin haters another reason to diss the coin. However, CZ suggested that Bitcoin more transparent and traceable than fiat currencies. He added,

“If somebody robbed the bank, it’s actually quite difficult to trace the fiat cash. Whereas with Bitcoin, there is an audit trail and people know there are three addresses and people are tracking it now.”

Additionally, CZ also highlighted that the hackers sought Bitcoin as it is a “better form of money than fiat.” CZ further suggested that Bitcoin, which is currently trading at $9,150.35 was part of the hack since it is valuable.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.