Binance CEO CZ doesn’t “Understand Why the Bitcoin Price Isn’t Shooting Through the Roof”
The Binance Chief, Changpeng “CZ” Zhao reveals that the cryptocurrency exchange will become increasingly institutionally oriented and will launch five to 10 fiat-to-crypto operations in nearly every continent. Speaking at Consensus Singapore, he continued his bullish belief on bitcoin and claims that the token will soon rise up.
CZ suggested that the regulatory breakthroughs seen last week will encourage institutional entrance to cryptocurrency sector. Presumably, Zhao was pointing toward Gemini’s new regulated stablecoin and BitGo’s approval to operate as a qualified custodian. Both the occurrences are being considered as the main key to institutional participation in cryptocurrency. He stated:
“Custodian solutions, insurance, are very important, and stablecoins are very, very important—actually all of those things happened in the last week—I don’t understand why the Bitcoin price isn’t shooting through the roof.”
In saying that, the chief executive of the world’s largest cryptocurrency exchange by daily volume also gives a foreseeable disclaimer that he is not a champion at markets or neither a price predictions expert. While he did explain that bitcoin has recorded unrelenting growth on weekly, monthly and yearly time scales.
Fiat and Crypto
Furthermore, Zhao states that unease related to conversion between Fiat and Crypto and its underlying hurdles presented by banks and regulators has deterred crypto-markets growth rate. Zhao explained:
“All the money is still in fiat because the crypto market cap is so small; it’s like one thousandth of the U.S. dollar market cap. And the bridges are not very smooth; there’s a bottleneck. That’s why we want to help solve this problem.”
Biance currently embarks fiat-to-crypto ventures in Liechtenstein, Singapore, and Malta. However, Zhao’s comment indicates a intricate planning to expand the exchanged portfolio by including somewhere in the order of five to 10 fiat exchanges in “different continents around the world.”
“We are willing to work with any government that wants to work with us. Smaller ones are much easier to work with, because you can talk to the prime ministers directly.”
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