Changpeng Zhao: “cryptocurrencies are the future of the global financial system” – Bits Media

The founder of the Binance cryptocurrency exchange, Changpeng Zhao, suggested that institutions pay attention to cryptocurrencies.

In an interview with Bloomberg, Binance CEO Changpeng Zhao said, that many institutional investors are wary of investing in cryptocurrencies, because it's too much risky. But, given market growth, He
invites all large companies to pay attention to cryptocurrencies.

“This is the future of the crypto industry and the future of the entire global financial system,” Zhao said.

Confirming your statement, he pointed out that, that more and more fund managers are paying attention to cryptocurrency exchange-traded funds. The head of the exchange positively assesses the launch of Bitcoin futures ETF and believes, that this played a role in the Bitcoin rally. At the same time he thinks, that regulators will not accept Bitcoin ETFs for a long time. According to Zhao, regulatory hurdles will arise first, than it will be approved.

However, the Binance CEO believes, that there is too little competition in the cryptocurrency market. The real competition will begin then, when 95% of society will accept cryptocurrencies.

Changpeng Zhao is of the opinion, that the inclusion of cryptocurrencies in mainstream financial flows will require close coordination with regulators. He declared, that Binance is already focusing on “working closely with regulators around the world”.

More and more conservative institutions are investing in cryptocurrencies, because the capitalization of the cryptocurrency market is approaching $3 trillions. Recently, the CEO of the American corporation Apple Tim Cook (Tim Cook) admitted, that he invested in cryptocurrencies. At the same time, Bank of Canada Governor Tiff Macklem criticized Bitcoin and said, that cryptocurrencies will never replace fiat money.