Changpeng Zhao, founder and CEO of Binance, one of the leading cryptocurrency exchanges, aka CZ, answered questions on different topics including traditional finance, cryptocurrencies, Non Fungible Tokens (NFT) in an interview with CNBC. Binance CEO says that he does not hold cash, he keeps all his money in crypto assets and uses BNB, the native token of the crypto exchange he founded, for his spending.
Traditional finance and crypto market comparison
Stating that there are now institutional companies in the crypto money market and this is an important step for adoption, CZ emphasizes that crypto adoption continues to increase day by day. According to CZ, institutional firms are also moving towards crypto despite market volatility.
Binance CEO, making a comparison between traditional finance and the crypto market, states that people can easily do things in the crypto money market that they cannot do in traditional finance. Choosing to give an example to explain the real-world impact of this, CZ records that he talked to a Malaysian artist and plans to sell his work, which would normally sell for a maximum of 10 thousand dollars, for 100 thousand dollars, and explains how this is possible:
it’s all about NFTs. ICO, IEO, IDO or whatever you want to call it. These do not exist in traditional finance.
For the traditional finance and crypto market comparison, Binance CEO reminds us that cryptocurrencies came to the fore with Russia’s occupation of Ukraine, as we also mentioned in the news of Kriptokoin.com refers to the fact that he raised his aid in the war with cryptocurrencies. Stating that one of the reasons for this is cost-oriented, CZ mentions that the cost of even sending small amounts of money is high, and states that all of these can be done easily in the crypto sector.
Binance founder Changpeng Zhao: I’m in full crypto!
Binance founder Changpeng Zhao, who also shares his views on the nature of cryptocurrencies, says in an interview that he trades with Binance Coin (BNB), but never converts his BNBs into dollars. Saying that he prefers to keep all his assets in crypto money, CZ explains that he does not hold dollars in any way and that he spends with crypto money, including:
I have no dollars at all. I only have cryptocurrencies. I also use my cryptocurrencies when I need to spend something. So I’m in full crypto. Therefore, I do not intend to sell my cryptocurrencies in any way.
CZ states that he keeps his baskets separate by distinguishing between investment and spending, therefore he does not look at the spending basket as an investment. Saying that even though he does very little what he does in percentage, CZ emphasizes that crypto is his money.
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