Changpeng Zhao is the founder and CEO of Binance, one of the world’s biggest cryptocurrency exchanges. After it launched in July last year, Binance skyrocketed in popularity and achieved an envious position in the crypto exchange sector, often occupying a spot in the top 3 exchanges by volume. The exchange went live just as the cryptocurrency market started to gain a lot of momentum, and Binance became a household name amidst the unprecedented bull run late in the year.
Bitcoin and the rest of the market has since cooled off significantly, but Zhao believes that BTC is still in a good position even though it has recorded a 52% drop this calendar year.
In 2017, the price of Bitcoin increased by more than 2150 percent, exploding from $890 to almost $20,000. Today, Bitcoin is worth about $6,600 and everyone’s anxious to see whether the cryptocurrency market can pull off another massive rally to finish the year. Binance’s CEO says cryptocurrency holders should adopt a broader perspective:
Compared to one year ago, the cryptocurrency market has a much stronger presence with better infrastructure and larger trade volumes. Regulations across the world are taking the space very seriously, and we’ve seen some important moves in this regard, such as the SEC in the United States declaring that Ethereum is not a security.
Institutional finance is also getting involved in the market – we’ve seen Goldman Sachs announce that they will trade Bitcoin futures contracts on the behalf of their clients, and Coinbase has recently launched a custody service which enables institutional investors to store crypto assets securely.
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