Binance CEO: I Don't Have Money in Any Currency, Only in Crypto
- The founder and CEO of Binance, Chengpeng Zhao has said he does not have any money in fiat but in cryptos
- Zhao stated that he holds all his assets in cryptos and not in dollars and that if he needs to buy anything he does not spend fiat
- Zhao said he does not have dollars and played down on the volatility of cryptos, saying the same thing happens in the stock market
The Chief Executive Officer (CEO) of Binance, Changpeng Zhao said all his money has been tied down in cryptos despite the markets going down after it briefly hit $32,000 trading volume.
Zhao believes the market will rebound in the long run, insisting that the asset is an investment as well as a currency and that the crypto industry will continue its growth irrespective of its volatility.
Source: Getty Images
I don't have dollars, only cryptos
In a recent interview with CNBC, Zhao stated why he uses cryptocurrencies to buy Burritos.
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Zhao said cryptos and fiats are interchangeable, stating that one can use digital assets to buy things in life and replenish them with fiat for future investment.
He said that he holds all his assets in crypto when asked if crypto is an asset that one can use to purchase anything in the future. He said that crypto is the only asset he uses to purchase anything in life.
He said he does not have dollars and that everything he has is in crypto, so when he needs to spend money, he needs to spend some part of it.
Cryptos better than fiat
He noted also that crypto is more suitable than fiat for cross-country payment because it is cheaper and faster. Especially, he said, when it comes to donations, saying that cryptos have shown themselves as better alternatives because it lets small donations to be transferred, a feature fiat currencies lack.
When answering on institutional adoption of crypto, he said that NFTs and decentralised finance (DeFi) and more are helping people to build wealth.
NFTs and DeFi, a lifeline to artists
He cited NFTs as a killer app for artistes which allows them to monetize their art in a way never seen before.
He likened crypto markets to the stock market and said there are some people who are trading on the volatility of cryptos. That is the same thing happening in stock market, some people trade, some people build.
On Wednesday, June 1, 2022, an investment arm of Binance raised $500 million for its start-up fund to build in the Web3 ecosystem.
Bitcoin on the rise, as it pushes other altcoins up after days of loss
Recall that Legit.ng has reported that after days of being stuck below $30, 000, the largest crypto, Bitcoin rebounded on Monday, May 30, 2022, alongside other cryptocurrencies. Bitcoin rose for the third day in a row, after smashing the $30k hurdle.
It rose by 4.4 per cent to $30,441.43 per coin. While the crypto’s dominance has increased in recent months, having been outperformed by other altcoins and ether jumping above $1.9k.
Investors became encouraged as the dollar slowed down from previous weeks of bullish run and headed for its first monthly loss in five months, following investors’ reduction of bets on higher US rates which spurred rises and concerns of a global recession receding a little.
Source: Legit.ng
