CZ Comments On FTX Collapse: CZ made some interesting comments on the future of crypto at the Binance meet up Athens on Friday. The Binance CEO compared the evolution of the crypto ecosystem with the development of the internet over last few decades. He said that when he entered the market, it was not about any particular crypto but it was about the new technology for money.
CZ said Binance is not really focused on profit making but inclined to sustainable growth. On the question of whether Bitcoin (BTC) will hit $1 million, he said, “anything can happen.” The potential size of a new market can not be compared with the size of an existing market, he added. The Binance CEO expects crypto market recovery in 2023 after the negative events that happened in 2022. The industry is now healthier compared to an year ago, he stated.
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‘FTX Meltdown Different From Luna Collapse’
The Binance CEO said the FTX management lied about not taking user money, saying it was a sort of a Ponzi scheme. He said all industries go through ups and downs in early phase. All the new industries have successful and failed projects, he explained. On the flip side, CZ said the Terra Luna project was mismanaged similar to the Lehman brothers. He was speaking at a fire side chat at the Binance Meet-up Athens 2022.
“The Terra Luna project was mismanaged like the Lehman brothers. The Luna founders did not walk away with lot of money after it collapsed. It fell like a chain of events in a domino effect.”
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How Long Will The Bear Market Last
Speaking about the current state of crypto, CZ said there is no single reason for the market sentiment in a mass market environment like crypto. He added that the crypto bear market could drag on to more period based on market history. “We are just over the 1 year mark through the bear run.” When asked how far is the market from mass adoption, he said there are two components to evaluate it. The mass adoption will depend on the growth at which more people start to hold cryptocurrencies along with the share of crypto in the net worth of those individuals, he added.
CZ predicted that over the coming years, crypto adoption could see a pattern of exponential increase. However, he felt slow growth would be better considering the regulatory resistance and fear.
“Since crypto is disruptive and powerful, we may want to grow a bit slower.”
He said smoother approvals for crypto licensing is not necessarily a prerequisite for faster crypto adoption. CZ took the example of Venezuela, where the licensing is not so liberal but adoption is very high. The governments should look to work on regulation as there is no stopping the adoption, he suggested. Speaking about institutional adoption, he said that in five to ten years, El Salvador will be in a great position with respect to their Bitcoin holdings. He indicated that the holdings might not make much sense at the current prices but they will be of great value in future.
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