Binance CEO: Cryptocurrency Market Could Grow Thousandfold
Changpeng Zhao in an interview compared digital money with Uber and explained why cryptocurrencies will outstrip the traditional finance market.
If cryptocurrencies become more widespread than fiat money, in the future this market could grow a thousandfold, said Changpeng Zhao, the head of Binance, the largest cryptocurrency exchange in terms of trading volume, in an interview. He explained that now the acceptance rate of digital money is 0.1%, only one person in a thousand owns a cryptocurrency. However, this area has “huge” room for growth, he said.
“The market for the new industry may be larger than the traditional one. For example, if you look at Uber, you try to estimate the capitalization of this company, you will not count it based on the taxi market alone. Because Uber can do a lot that isn’t taxi-related. Similarly, cryptocurrencies have much more opportunities than fiat. This suggests that the volume of the crypto market will exceed the fiat one. For many years to come, digital money will have a lot of room to grow. Don’t take this as financial advice or a guarantee, but I never sell cryptocurrencies. I only spend BNB (Binance Coin, Binance’s own cryptocurrency) when I pay with the Binance Card, ”Zhao said.
