The last year 2018 has been a tough year for cryptocurrencies. Valuations are down 80% (and even more) and critics are claiming that a funeral is coming soon. However, not everyone has the same feelings. Presidents of many large concerns, both within and without the crypto universe, have spoken out about the long-term viability of cryptocurrencies and the innovative benefits of blockchain technology.
The opinion of Zhaoa
One of the optimists is also Changpeng Zhaoa (known in the community under the nickname CZ) CEO of Binance, In a recent interview for Bloomberg, Zhaoa expressed his confidence in the industry and dispersed all worries going forward. Zhao is the founder and CEO of Binance, a fiat currency exchange that, by volume, is the world’s largest crypto-exchange. The 24-hour trading volume within Binance recently stood at USD 1.1 billion.
Zhao also has his entire investment portfolio in crypto-assets, valued at over $2 billion earlier this year. He has neither strayed from his path, nor does he regret any losses he has suffered. He has been in the cryptocurrency business for the long haul, which he claims will be bright and prosperous in the future.
The last two years have witnessed the entry of both futures trading, along with traditional investors jumping over one another into the crypto space, which gave birth to the term “FOMO” (Fear (Of Missing Out). Zhao thinks more long-term:
„I think people in the industry are still very confident about the future. So, there are no worries about that. There will always be speculation, which will cause the price to fluctuate… Last year, it fluctuated upwards too much, and now we are in a correction phase. But the long-term industry is sustained by real applications and real use cases of cryptocurrency, and a lot of people are building. So, that’s happening regardless where the price moves“
During the Bloomberg interview for Bloomberg, he also made these points:
- None of our plans changed. We are still pushing forward, very aggressively.
- Binance will roll out ten more fiat-crypto exchanges as well as the company’s first decentralized exchange.
- Binance welcomes regulatory involvement within the cryptocurrency space from all governments around the world, as long as there is sufficient clarity to combat the present uncertainty.
In CZ’s opinion, good and sensible regulations will promote rather than be an obstacle for further innovation.
“2018 has been a tough year in terms of cryptocurrency prices. And we will se a lot of projects not doing good it this year, so it’s a correction year. But technology will stay, and we want to kick off 2019 with a bang.”
Zhao is not the only CEO of exchange to speak out about the bright potential of cryptocurrencies. His words are reminiscent of those of Brian Armstrong, president, and co-founder of Coinbase. Last June, Armstrong said to his staff: “I want to encourage you all to ignore the price of crypto and the headlines which will inevitably start to come up. Our job is to rise above that, finding our own intrinsic source of motivation, to come in and do our best work, regardless of what other people think.”