3 months ago 2 min read

Return of Many Top Projects in 2023, CZ is Optimistic About Cryptocurrency Market


Based on his analysis of the market for 2022, CZ concluded that the year is not favorable for cryptocurrencies. This year has seen a lot of terrible events, including the bankruptcy of several cryptocurrency businesses.

Typically, he bases his assessment of crypto adoption on the price of bitcoin; in his view, the price of bitcoin is a very reliable signal to measure crypto adoption over the course of a year. CZ thinks that more people will move to DeFi as a result of the recent revelations that large centralized exchanges had been scamming their subscribers. Then, however, there will be a hack, a catastrophe in DeFi, a large-scale financial loss, and everyone will switch back to centralized exchanges, starting a vicious cycle. The bitcoin industry is simultaneously developing in a number of different areas.

When asked about the prospects for the cryptocurrency sector in the near future. The CEO of Binance expressed his own opinion:

"At the start of 2017, I won't talk about ICOs. In the early 2020s, I won't mention DeFi. In early 2021, I won't bring up NFT. But after six months, everything started to shift. It is difficult to predict which will be "HOT." In this industry, it is reliant on building firms. Anyone or group who develops a truly captivating, broadly useful, and viral product will draw more consumers. Overall, nevertheless, the crypto industry is developing."

As always, unanticipated new use cases will be what drives crypto adoption. Institutional adoption has been considered for a long time and is now actually happening. It's coming closer, steadily and slowly. Many institutional users utilize Binance, and many institutional users use Binance Custody as well. If cryptocurrencies were subject to clearer regulation, more institutions would get involved.

The application of bitcoin as an inflation hedge is very obvious. Since there are only so many bitcoins available, more people are becoming aware of it and joining. According to him, different areas have different use cases. CZ added that because there are more merchants and investors in Asia, there are numerous regions where cryptocurrency trading is extremely active. In North America, institutional investors are more common. To protect themselves from inflation, people in Latin America are attempting to use cryptocurrencies. Africans are adopting cryptocurrency more frequently to work, earn, and pay.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.