Binance CEO CZ answered important questions at the event he attended in Athens today. He compared FTX and LUNA. CZ, the CEO of Binance, the world’s largest cryptocurrency exchange in terms of volume, answered the questions the community was curious about. What awaits crypto currency investors? Will the bear market end? Are LUNA and FTX similar events?
LUNA and FTX
The CEO of Binance said that FTX management lied about not receiving user money, and this is a kind of ponzi scheme. He said all industries experience ups and downs in the early stage. He explained that all new industries have successful and unsuccessful projects. On the other hand, CZ said that the Terra Luna project was poorly managed, similar to Lehman Brothers. He spoke at the Binance Meet-up Athens 2022.
CZ said he was in Athens about 2 hours ago.
“The Terra Luna project was poorly managed, like Lehman Brothers. The founders of Luna didn’t walk away with a lot of money after it collapsed. It collapsed like a chain of events that created a domino effect.”
CZ, who has said many times before that he does not think LUNA was deliberately driven into bankruptcy, also underlined that the team made a very big mistake. But he always said he thought it wasn’t intentional.
When Will the Bear Market End?
The CEO of Binance compared the evolution of the crypto ecosystem with the development of the Internet over the past few decades. CZ said that the Binance exchange is not really focused on making a profit, but is inclined to sustainable growth. On the question of whether Bitcoin will reach $ 1 million, he said, “anything can happen.” Sunday Sunday, adding that the potential size of a new market cannot be compared to the size of an existing one. Binance CEO expects the crypto market to recover in 2023 after the negative events in 2022. He noted that the sector is healthier now compared to a year ago.
Speaking about the current state of crypto, CZ said that there is no single reason for Sunday sentiment in a mass market environment like crypto. CZ added that the crypto bear market could continue for a longer period of time based on the market history. When asked how far the Sunday is from mass adoption, he said that there are two components to evaluate it. Mass adoption will depend on the growth in which more people start holding cryptocurrencies and the crypto share in the net worth of these individuals, he added. According to the CEO of Binance, the use of cryptocurrencies will increase exponentially. However, he thinks slower growth would be better given regulatory resistance and fear.
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