Binance CEO Says Crypto is the Only Stable Currency Amid a Turbulent Financial Environment

Binance CEO Says Crypto is the Only Stable Currency Amid a Turbulent Financial Environment

November 2, 2022 0 By Alicia Hagen

Binance CEO Changpeng Zhao has argued that crypto is probably the only stable thing in the current dynamic environment despite the market crash that has seen Bitcoin drop by over 72% from $69,100 to its today’s value of around $20,200.

While speaking on stage at the Web Summit in Lisbon, Zhao acknowledged high volatility in crypto prices but said nothing had changed in the technology or cryptocurrencies fundamentals and limited supply, thus making crypto the most stable currency technology-wise.

Binance CEO Lauds U.S Regulators for Allowing Banking Support on Crypto Exchanges

Zhao also spoke about the current state of crypto regulation as Binance continues to push to secure licenses in countries like Spain, France, Abu Dhabi, and Bahrain. He describes the regulators in these countries as smart. However, he says the U.S regulators lead the way, pointing out the banking support level for crypto exchanges in the country.

Crypto exchanges in the United States use an automated clearing house protocol to automatically deduct funds from a user’s bank account every month without the user’s intervention. Zhao says other parts of the world currently do not offer this kind of banking support.

Binance Invests in Twitter to Support Freedom of Speech

Regarding Binance’s investment worth over $500 million in Elon Musk’s takeover of Twitter, Zhao claims that the deal got done because his firm wants to be more supportive of free speech. He explains that Binance’s objective is helping to increase the freedom of money and that free speech comes before financial freedom.

Zhao concedes that Elon Musk is a pretty hard guy to predict, noting that he learned of Musk’s plan to have Twitter users pay an $8 monthly fee for verification same time as everyone else. With Musk in charge, Zhao expects new features on Twitter to roll out much faster while cautioning that not all of them will stick.

Zhao thinks that 90% of the current Twitter features may not stick. However, when asked whether the much-anticipated integration of Dogecoin into the Social media platform is among those features that will stick or even reach the stage of being thrown at the wall in the first place, Zhao said he was not in a position to answer that.