Today we have two cool news segments to share as part of our Daily News for the Day Segment. First up is Binance's CEO Changpeng Zhao, and how he believes "Everyone will be in Crypto." Now, according to CryptoGlobe, on Wednesday, the 20th of March, Zhao tweeted that he disagreed with Ron Karpovich, a JP Morgan executive, that banks are always needed to move funds.
To give you a bit more context, before the tweet, Karpovich, the Global Head of eCommerce Solutions at JPMorgan Chase, was on Squawk Box, CNBC's morning news segment. He was asked a question concerning competition from disruptors moving in from the fintech space. He commented, "Well ultimately, behind the scenes, they are going to have to use a bank to move funds. "There's more partnership instead of competition in that space."
He then mentioned, "I think ultimately you will find that the technology behind the scenes will be blockchain. I don't know that you'll notice anything as a consumer in that space. I think you'll still continue to use your payment type that you prefer, be that a wallet, be that a card, be that your bank account, but behind the scenes, the instantaneous nature of using a blockchain or using that type of technology will make your payment faster or cheaper in that space."
With this information in mind, have a look at Zhao's tweet. "Now we can't agree. many (not so small) businesses already don't use banks, and they work just fine, JPM just don't get it, yet *also a reason they are not a threat to #XRP). Everyone will be in crypto. JPM will ultimately has to use #crypto. I understand completely where Zhao is coming from.
One of the biggest expenses for a business is employee salaries, and we generally pay employees via the bank. But, in the crypto space, many companies have been able to skip the bank and pay people directly in crypto. In fact, in 2018, Michael Arrington was told by Zhao at an event organized by the Liechtenstein CryptoAssets Exchange (LCX), that 90% of Binance employees received their pay in Binance coin (BNB). If this is true, despite being such a large company, Zhao has managed to (in the large majority) skip out on the banks, at least when it comes to employee payments.
Now on a related topic, it's not just Zhao who's the big crypto Advocate. Square and Twitter CEO Jack Dorsey recently tweeted just yesterday #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the bitcoin/crypto ecosystem. Work from anywhere, report directly to me, and we can even pay you in Bitcoin. Introducing SqCrypto Why?"
While this was already very awesome news, Zhao then sent out a tweet that mentioned, "Failsafe, just in case if you don't get along with your future boss 
Going back to Dorsey's news, the reason why he decided to hire developers and engineers is that Square has taken a lot from the open-source community to be where it is. This will be Square's first open source initiative that I independent of their business objectives and will focus on what's best for the crypto community and individual economic empowerment and not on Square's commercial interests.
Dorsey that he loves the technology and community and is keen to kick start the initiative that will provide a more accessible global financial system for the internet.
And now, let's look at CoinMarketCap. Now today's market is looking much red with larger declines in value. Our top three tokens, Bitcoin Ethereum and Ripple are all experiencing a decline of 1.34%, 2.87%, and 2.17% respectively, In the top 10, we've got a large decline of around 3 to even 5%, with binance coin falling 5.05%. If we scroll down to the Top 20 we see a similar trend. But what's interesting is wow guys, I know Tezos gained a lot yesterday, but 30.84%. that's crazy. If you're wondering, it's because Tezos has just completed their historic first blockchain vote, with a total number of 25,855 community vote. The vote was introduced two different backward-incompatible changes to the network, If you're interested in this, please feel free to explore more with Coindesk's link below.
https://www.coindesk.com/welcome-to-athens-tezos-completes-historic-first-blockchain-vote
So back to the news. What are your thoughts on Zhao's comments and Dorsey's initiative?
Do you think Zhao is right? That everyone will eventually be in Crypto?
And do you think Dorsey's open source initiative will yield great results for the crypto industry?
Let me know what you guys think in the comments below!
It's Cindy with cryptoPig, Catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.