The CEO of Binance, the world’s largest cryptocurrency exchange by daily trading volume, participated in the crypto money conversations in Davos. Binance CEO Changpeng Zhao emphasized the need to focus on technology in the cryptocurrency industry. Here are the details…
Binance CEO says it’s “technology” that matters
Binance CEO Changpeng Zhao said at the annual meeting of the World Economic Forum in Davos that those in the crypto industry should focus on the fundamentals of crypto technology rather than being distracted by the money in the industry. Talking remotely via a video link, Zhao said, “When the tide goes down, all the hype goes away and it’s the essentials that matter. We are so close to money in our industry… A lot of people get distracted by it and that’s all they focus on.”
Binance, the world’s largest cryptocurrency exchange by trading volume, came under scrutiny after accounting firm Mazars withdrew its “proof of reserve” report that sought to verify the company’s stock holdings. As we reported on cryptocoin.com, last week Binance admitted that its stablecoin BUSD is not always fully backed by reserves.
In his Davos speech, Zhao reiterated his belief that the development of crypto as a new default payment system should be gradual and that the concept behind the technology will not be erased. He underlined that we need to proceed slowly, carefully and steadily in order not to cause major disruptions. The main thing is; He stated that it is “the underlying technology that has evolved and will continue to evolve, not with any single currency, blockchain or stock market.”
Anthony Scaramucci also gave a speech: So optimistic!
Another important name that attracted attention with his statements in Davos was Anthony Scaramucci. “The price of Bitcoin may be approaching its bottom,” said Anthony Scaramucci, founder of asset manager SkyBridge Capital. That’s why he said now may be the time to invest in BTC. In an interview at Davos, Scaramucci said that long-term crypto investors should maintain a three to five-year outlook and not dwell on daily performance.
“I encourage people to invest now,” Scaramucci said. “We are closer to a bottom than we are to another top.” With $2.2 billion in assets under management, Scaramucci’s firm had a $45 million tie-up with failed crypto exchange FTX. According to Scaramucci, SkyBridge later bought FTX’s native token FTT for $10 million and later sold it at an estimated loss of $9.6 million. He did not say when FTT was sold.
Skybridge is now considering whether to buy back its shares from the bankrupt FTX. Scaramucci cites his company’s plan to complete the stock sale “by the middle of this year”, although Bankman-Fried said it “never affected the way [SkyBridge’s] business is run.” He said he would not hold him responsible for “the troubles of SkyBridge or the cryptocurrency markets.” Finally, Scaramucci said he is “very optimistic about the cryptocurrency space.” “We are very optimistic. “I don’t think you can predict these markets in the short term,” he said.
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