- CZ relied on a shared knowledge of the market and its dynamics.
- It was Changpeng Zhao’s initiative to advocate for the mining industry.
The CEO of Binance, Changpeng Zhao (CZ), was recently interviewed by Squawk on the Street, where he discussed the future of bitcoin and the crypto industry. CZ shed light on the market’s overall bearishness and demonstrated his faith in the crypto market’s bright future. In order to make his statements, CZ relied on a shared knowledge of the market and its dynamics.
“Crypto market should only attract the believers. It should only attract the people who are in it for the technology, who understand how to use it. I think a correction is actually healthier.”
Excessive Inflation and Recession Will Drive Market Value
When asked about the most important aspects that might lead bitcoin and the crypto sector into a new chapter, CZ had some interesting things to say. DeFi, NFTs, etc., were one of the possible explanations for the Bull Run in 2017, according to CZ’s response. Many nations will embrace bitcoin due to excessive inflation and a recession, which would significantly enhance the market’s value.
While bitcoin was at its pinnacle in November of last year, the market is now much more stable. CZ further noted that Bitcoin has found some respite in the middle of all of this, after its recent increase.
The CEO further added:
“Any trillion dollar asset requires much more energy than Bitcoin’s mining power just to sustain it. I strongly believe that Bitcoin mining is far more efficient than any of the other modes used to manage any other asset type.”
It was Changpeng Zhao’s initiative to advocate for the mining industry and highlight the flaws of centralized systems. A trillion-dollar asset such as Bitcoin is said to be the only one in the whole crypto industry to be as effective according to CZ. In addition, he wondered about how BTC’s energy use was becoming more transparent. There’s no need to keep track of how much power is consumed to mine a single Bitcoin, claims the CEO.
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