Binance CEO Changpeng “CZ” Zhao believes that the Bitcoin Bear market is good for cryptocurrency.
Speaking with Messari CEO Ryan Selkis at the Mainnet conference on Wednesday, Czechoslovakia – which has been remotely connected via video chat – for four years said encryption The market cycle is normal and a bear market is healthier in the long run than an uptrend that never ends.
“Price corrections are actually good,” CZ said, adding that investors should not look at token prices as signs of how the crypto market is doing.
Instead, he suggested investors consider the number of users who buy and use cryptocurrencies, as well as the number of different users. Blockchain And the web 3 projects. Repeat the common phrase in the crypto space that the industry is still “early” and still has plenty of room for growth.
“Cryptography is too early. We are not in a saturated market,” CZ said.
The Binance CEO argued that the cryptocurrency industry is in fact in a healthy state and urged the public to “get out of the winter,” referring to the so-called Crypto Winter in which the market is now finding itself.
But Czechoslovakia is bullish – and more than just a bear market. When it comes to regulation, he has argued, some regulators, particularly in the United States, have attempted to incorporate crypto into existing financial frameworks such as security or goods binary.
“We have already seen a lot of progress in the positive direction of the regulatory frameworks,” Czechoslovakia said.
“There are going to be some cryptocurrencies that are stock-like, possibly commodity-like, and currency-like, but Bitcoin does all three,” he said, noting that existing regulatory frameworks may not apply.
In his view, governments should create an entirely new class of blockchain-based assets, which CZ defined as “just a new data transfer technology” and a “new asset class” in its own right.
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