Binance CEO Changpeng Zhao on the Bitcoin Revolution: “Beginning of the Beginning” Still
The cryptocurrency industry has changed a lot since it first began, and there are a lot of investors outside the industry that think that their opportunity is over. The prices have jumped and fallen, and there are many cryptocurrencies that have high prices for someone new in the industry.
However, Changpeng Zhao, the CEO of Binance and a billionaire of Bitcoin, does not want anyone to lose hope. Right now, the industry is “at the beginning of the beginning,” he says, so do not worry.
Lucky.. wish I’d also had the chance to be converted so early in the game
— Hodlman Sachs (@origintokyo) February 8, 2019
The comments from Zhao, also known as CZ, came from a discussion with a Twitter user that expressed his disappointment that he had not gotten involved in the cryptocurrency industry back in 2013.
At the time, Bitcoin and the associated technology were still a rare concept at only four years old and was fluctuating under $1,000 still. Despite having reached substantial highs, Bitcoin is still holding a place around $3,600.
In response to the Twitter user, Zhao said, “That's exactly what I thought back in 2013, ‘damn, I am too late. I wish I started early like those other guys.’ and I will say the same thing I heard back then. We are still early, the beginning of the beginning.”
This discussion had started after Shapeshift CEO Erik Voorhees has spoken on Zhao’s substantial success with the Binance platform since it was conceived. Voorhees commented,
“One cannot but be impressed and inspired by the incredible success that Binance has achieved over the last 1.5 years. CZ Binance, it’s been awesome watching your ascent, keep up the good building.”
Zhao replied with affection, telling Voorhees, “Meeting you in York (UK) in Dec 2013 was a good inspiration for me. Start of my crypto career.”
Unfortunately, Vorhees’s platform has not been so lucky, falling victim to the Crypto Winter that forced ShapeShift to big farewell to about a third of their staff.
Even though Vorhees is quick to accept that the current state of the company and the 37 employees laid off had much to do with his work, he explained that the risks are typical of his work as a CEO. Explaining, he said,
“As a company, our greatest and worst financial decision is the same: to embrace substantial exposure to crypto assets. Much of our balance sheet is comprised of them. We accept the volatility, we accept the risk… I can lay this mistake at nobody’s feet but my own.”
The bear market continues, but there are many people that refused to give up hope that this revolution will create a major change in multiple industries, primarily within the legacy financial system.
Zhao has been clear about his believe that Binance will survive the next century, because we are only at the start of what cryptocurrency will do.
Zhao said, “Binance is ready to survive any number of years, no matter if it’s bear or bull. Our aim is much longer than another year. Our aim is 10, 50, 100 years. So, we’ll be here for a while… Once I learned about crypto and how bitcoin works, I just understood that’s the future.”
Zhao is not alone in his confidence, as tech billionaire Tim Draper seems to agree. He has even projected that cryptocurrency will be what is needed for the takeover of fiat currency. He said,
“It’s going to be better for people. They are going to move to crypto, and they’re going to go away from the political currency – they call it fiat. That’s the way it’s going to move.”
Draper has even been bold enough to project Bitcoin’s value rising to $250,000 by 2020. Focusing on the history of life-changing industries, Draper acknowledges another technology that flourished with continued ups and downs – the Internet. He said,
“The internet started in the same way. It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here.”