CZ Is Bullish On Crypto Market In 2023 With The Recovery Of Many Top Projects 

Key Points:

• According to CZ, the bitcoin price is a fairly reliable indicator of crypto acceptance over the course of a year.
• He is optimistic about the crypto market in 2023, believing that many prominent projects would rebound.

Changpeng Zhao (CZ), CEO of Binance, presented his thoughts on cryptocurrency adoption around the world and what will drive the next wave of crypto.

CZ stated that 2022 is not a good year for cryptocurrencies while examining the market for that year. A lot of horrible things have transpired this year, and several crypto companies have gone bankrupt. 

Normally, he considers crypto adoption based on bitcoin price; in his opinion, bitcoin price is a fairly reliable signal to gauge crypto adoption over a year. Since numerous centralized exchanges have recently been caught defrauding their users, CZ believes that more individuals will switch to DeFi. But then there will be a hack, a tragedy in DeFi, someone will lose a lot of money in DeFi, and everyone will return to centralized exchanges, creating a vicious spiral. The bitcoin sector is evolving in many distinct directions at the same time.

When asked about the crypto market’s prospects in the near future. Binance CEO shared his personal view: 

“At the beginning of 2017, I will not discuss ICOs. I won’t say DeFi in early 2020. I won’t mention NFT in early 2021. But then, six months later, everything changed. It is tough to determine which will be the ‘HOT’. It is dependent on the construction companies in this business. Anyone or team who creates a really interesting, highly applicable, and viral product will attract more users. However, overall, the crypto space is progressing.”

As usual, new use cases that haven’t fully envisioned will drive crypto acceptance. Institutional adoption has been discussed for many years, and it is finally becoming a reality. It’s approaching, slowly and steadily. Binance has a lot of institutional users, and Binance Custody has a lot of institutional users as well. More institutions would get involved if there was clearer regulation for cryptocurrencies.

A fairly evident use case for bitcoin is to hedge against inflation. Because bitcoin has a limited quantity, more individuals are learning about it and joining. He said that different regions have various use cases. CZ also stated that crypto trading is particularly busy in several parts of Asia simply because there are more investors/traders there. Institutional investors are more prevalent in the North American region. People in Latin America are attempting to utilize cryptocurrency to hedge against inflation. People in Africa are increasingly using cryptocurrency to earn, earn, and pay.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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