Changpeng Zhao, also known as Binance CEO CZ, assessed the price of Bitcoin on Bloomberg and the course of the blockchain and crypto industry.
Looking at the Twitter attack last week and the attackers ‘ demand for Bitcoin, the decline in the Coronavirus outbreak, and whether Bitcoin is a safe haven, CZ touched on economies that will increase sooner or later with money printing and money flow.
CZ’s interview with Bloomberg said::
He said: “I don’t know exactly what it takes for bitcoin to break its course for a while. I think there are a few factors for that to happen and I think it takes time for conditions to happen. ”
“The rise will come sooner or later”
“As soon as the money is printed and the fiat money flows into the economies, there will be an increase in bitcoin sooner or later. When I talk to a lot of my friends about it, I call Bitcoin a committed cryptocurrency because it hasn’t really done anything for a while.”
“We’re in a lower season now”
“I would say we’re having a sub-season right now. In Binance Futures, more than 60 per cent of the volume comes from altcoins, and that figure is much higher than in the past. In addition, only 3 of the 200 altcoins in Binance experienced a decline from March 31 to June 31. As a result, I think this is definitely an altcoin season. There may be several factors that ignite this situation. Even Elon Musk’s tweet about Dogecoin is one of the factors enabling it. ”
“Twitter attack is not Bitcoin’s fault”
“Frankly, I think Bitcoin is more transparent than nominal money. For example, if a person is robbing the bank, that money is harder to track. Not so in bitcoin. People’s addresses are determined and their coins can be tracked continuously. Also, there is no attack here, because Bitcoin is a false value. The attackers wanted Bitcoin because it was valuable. The money’s not so bad when the bank is robbed. I think it’s that simple. ”
“Because Bitcoin is worth more than fiat, the attackers wanted BTC. Bitcoin is a constantly advertised value. It’s always talked about. Elon Musk tweets sometimes, but of course it would be better if he didn’t come across such incidents.”
“If the Titanic sinks with you, so do you.”
“People looking at cryptocurrencies need to fill gold as a safe haven. If you’re on a boat that doesn’t sink, but the Titanic is sinking with you, be on a boat that’s built not to sink as much as you want. Because a giant ship like the Titanic is sinking with you. It’s impossible not to be affected by it. All markets collapsed in March. The exchanges are thousands of times bigger than the cryptocurrency market. Those who invested here also invested in cryptocurrencies and wanted to finally return to money because of the huge amount of money they lost. There is a serious amount of money being pumped into the economy and printing money. That’s a very important factor. I think Bitcoin’s secure port feature will be created over time. ”
“1.4 billion people are learning digital money”
“Two years ago, I wouldn’t have believed if they had said that the Central Bank of many countries, or even the Central Bank of China, would approach digital money in this way. Currently, the Chinese government teaches digital money to 1.4 billion people. It’s not an easy situation, as people learn digital coins will definitely turn to Bitcoin and other cryptocurrencies on the blockchain. ”
“It’s almost time to understand Bitcoin”
“Digital coins are already in use in China. Very few people shop for cash. I think it will be much easier for China to get used to the new system compared to other countries. Payment systems such as AliPay and WeChat are made using QR code. Also, a Blockchain component is now integrated into DCEP (China’s central bank-backed digital currency). There is a very small obstacle for people to understand blockchain. They will easily understand Bitcoin when it is surpassed. ”
