The largest crypto exchange, Binance founder and one of the most influential personalities in the crypto space, Changpeng Zhao (CZ), is in the headlines for his crypto investment strategy. Despite the plunging values of cryptocurrencies, CZ expressed a bullish view of the market.
During an interview with CNBC, he reiterated that the space would continue to rise despite the ongoing volatility, and the asset is an investment as well as a currency. Zhao explained why he only used crypto assets to buy Burritos to host.
— Squawk Box (@SquawkCNBC) June 2, 2022
Binance CEO talks about market situations
Binance CEO said that as crypto assets and fiats are interchangeable, one can use the former to purchase things in life and replenish the stash of fiat for prospective investment.
When asked why, since crypto is an investment, individuals would not prefer to spend something that will increase in value in the future, CZ responded that he holds no fiat and only has crypto; thus, it is the only asset he utilizes for expenditures in life.
“For me, I don’t have dollars. Everything I have is in cryptos. So when I need to spend money, I need to spend some parts of it somewhere. For me, I’m all in cryptos. I don’t have to think about selling crypto. Crypto is my money.”
He also mentioned that bitcoin is far more ideal for cross-border payments than fiat because it is considerably cheaper and faster. He went on to say that when it comes to donations, crypto has shown to be a superior option because it permits a tiny donation amount to be transmitted – a feature that the regular payment method currently lacks.
In reaction to the current situation of institutional adoption in the crypto sector, Binance founder pointed out a few key areas of the industry, such as NFT, DeFi, and more. NFTs, he said, are the “killer app for artists,” allowing them to monetize their work in new ways. He then went on to compare cryptocurrency markets to stock markets, saying:
“There are a lot of people trading on the volatility of crypto. That’s the same to the stock market – some people trade and some people build.”
Recently, as TheCoinRise reported, the venture capital arm of the exchange giant Binance Labs has launched a $500 million investment fund under its Web3.0 plans.