Analysis News

CZ will leave, but believes that the market will grow 1000x

CEO Binance Changpeng CZ Zhao made some striking statements in an interview with Clay Collins, co-founder and CEO of Nomics.com, a company that offers institutional crypto investors an API for market data. CZ, in particular, announced that he will step down as CEO of Binance and that the cryptocurrency market will grow 1,000 times.

CZ also admitted that in the first two quarters of 2019, his exchange turnover grew from 50% to 60%. At the same time, the exchange is focused on creating an ecosystem, and more specifically, cases for increasing the use of the BNB utility token. Now there are 112 such cases:

– In our case, given that there’s a BNB token, which is a utility token that now has more than 100 uses. I think last time we counted 112. So it’s no longer just about growing the company value. It’s about growing the ecosystem value. So the more people who use BNB, the higher value BNB is.

Since the beginning of the year, the price of BNB has grown 5 times. And in the moment at the end of June showed almost 7x.

The main sensation is that CZ is going to leave the managerial position. According to him, the management of the exchange is exhausting. (“So many issues, so many problems you have to deal with!”) At the same time, CZ does not see a threat to business if another executive takes this position:

– I think it will be more like a baton passing to some guy because Binance.com is a centralized service. And with a centralized service, you typically have a chain of command in a hierarchy and that kind of makes sense. And I actively want to pass that on.

Apparently, CZ is ready to develop a decentralized exchange. Although he does not say it directly. According to him:

– The other parts of the Binance ecosystem, like the DEX, is a prime example of just letting the community handle it. Very soon in the future, we’ll open-source it. Later on, there will be more validator nodes and there will be community voting on the next steps for the DEX development.

CZ also outlined the grandiose prospects of the crypto industry. According to him, the cryptocurrency market will be much larger than the current fiat currency market, and the market is nowhere saturated:

– The crypto market is going to be bigger than the fiat market. So this is similar to Uber market’s bigger than the taxi market. There’s more things you can do in crypto than with just fiat money. So I think in crypto you can combine the fiat, the currency aspect, the equity aspect, the utility aspects, even combine real estate projects. There’s a lot more things you can do with crypto. I think the market is not saturated anywhere.

Without a smile, CZ said he believes that the cryptocurrency market will grow 1000 times:

– I think even in the US, or anywhere in the world, there’s probably less than 0.1% of people who actually have crypto. So there’s probably 1,000x to grow.

Thus, CZ expresses confidence that soon all 100% of Americans will use crypto. Well, and behind them – the rest of the world

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