Changpeng “CZ” Zhao, Chinese-Canadian business executive and CEO of the world’s largest cryptocurrency exchange, Binance, has stated that he believes the value of crypto is increasing. This comment comes amidst the current crypto winter that has seen a lot of digital assets plummet by surprising margins.
CZ admits that crypto prices will dwindle along the way
In an exclusive interview with monthly American magazine WIRED, CZ was asked what he now thinks about the idea of Crypto serving as a hedge against any form of financial turbulence that may occur with fiat currencies, seeing as the crypto market is crashing with the stock market – an occurrence that wasn’t expected.
In his reply, CZ pointed out that the difference between “the price of crypto” and “the value of crypto” should be recognized. He stressed that while the prices of cryptocurrencies fall due to volatility, he believes that the value of crypto, on the other hand, is increasing due to growing adoption.
“As for myself, I do believe the value of crypto is increasing”, he said. “The number of use cases and the number of people using it, the utility value of it, is increasing. But the markets are volatile.”
When further asked what he thinks Bitcoin’s main value is, CZ highlighted the fact that Bitcoin has a limited supply and hence is anti-inflationary. He admitted that the price is falling right now and noted that being anti-inflationary does not translate to a steady uptrend without any hurdles along the way.
The crypto winter has taken no prisoners
The current crypto winter has taken no prisoners as the prices of most digital assets have touched record lows in recent times. The cold days were especially intense last week as they saw the digital gold plummet to $17k against the dollar on June 18 – its lowest price since December of 2020.
While most assets have been set on a retracement path, the grounds covered have scarcely begun to recover the losses of the past week, but most crypto enthusiasts are hopeful, especially with bullish prospects suggested by several indicators.
As of press time, Bitcoin (BTC) trades at $19k with a 7-day loss of 8%, and Ethereum (ETH) is at $1.069 having gained by 5% in the past 24 hours. Polygon (MATIC) appears to have recuperated, soaring by 6% in the past 24 hours to a price of $0.5.
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