The industry of cryptocurrency doesn’t seem to cease the discussions around it. The latest comments have come from Changpeng Zhao, the CEO of the biggest digital currency exchange in terms of trading volume – Binance. Zhao’s opinions are in response to US President Donald Trump’s remarks on cryptocurrency.
According to Zhao, widely referred to as CZ by crypto enthusiasts globally, Trump’s critical remarks on Bitcoin as well as Facebook’s Libra can be only good for the entire crypto space. During his interview with CNBC in the previous week, he said that so far, Trump hasn’t done any negative or positive thing about crypto but has only shared the fact that he isn’t a fan. Continuing further, CZ stated that the US President tweeting about crypto is, in fact, a good sign.
CZ also opined that in the worst-case situation, if the United States makes the owning of digital currency illegal, even then the industry would not be shattered. The digital currency will survive irrespective of a single nation. Most nations which try to impose a ban on cryptos like bitcoin, in a way, cause their residents to want it all the more, added CZ.
Those who follow the crypto space already know that Trump had posted a few tweets at the start of the month saying how he was not a Bitcoin or crypto fan. He had also said that he didn’t consider cryptos as money because their value is greatly volatile and based on thin air. He also didn’t hold back in expressing his opinions about Facebook’s Libra. One of his tweets on Facebook’s virtual currency stated that the company should comply with all the banking regulations, national as well as international.
We must note that CZ is not the only one to have responded to Trump’s crypto opinions. From John McAfee to Anthony Pompliano, several industry experts had promptly tweeted their replies, trying to throw the right lights on crypto. While McAfee challenged Trump’s opinions through a video, Pomp replied stating that Bitcoin is the world’s most anti-fragile asset.
Apart from this, there have been multiple instances where notable authorities have raised concerns over crypto security. They fear the potential illegal usage of cryptos, especially in cases of frauds, drug trade, or money laundering. Breach of security at regular intervals is another thing causing a worry-sign. Even Binance has witnessed massive cyberattacks.
In May 2019, hackers attacked Binance and took away about 7,000 BTC. The exchange assured users saying their funds won’t be affected and the attack would be covered fully. Thanks to the revenues Binance makes, the hack was completely manageable, opined CZ. He also added that the crypto industry offers more transparency to users as to what is actually happening compared to traditional banking.
Interestingly enough, after Trump joined in the crypto war, the crypto market started experiencing a fall. However, experts assured the investors and predicted strong growth in the future, asking them to ignore the fluctuations as they were temporary.