The interview, which was published on November 13, touched on a variety of topics, including the future of Binance, institutions coming to crypto, and the landscape of cryptocurrencies and blockchain technology.
Evolution of the Binance Exchange
The interview started with a question about Binance and where the exchange is today. CZ explained that people view Binance as a major cryptocurrency exchange, which it most definitely is, but CZ sees it as so much more.
As stated in the interview, CZ said the best way to describe Binance right now is:
We are building the ecosystem. We are trying to be the infrastructure services provider for the blockchain industry of tomorrow. Right now, our ecosystem is made up of the Exchange, a wallet, Labs, Charity, Info, Academy and more. We hope some of them will become the infrastructure for the industry.
CZ further explained that while 2017 was a booming year of growth in terms of trading volume and number of people signing up to the exchange, 2018 has been a year for building.
Regarding the crypto market downtrend this year, CZ had this to say:
It actually gave us breathing room to build a more solid fundamental base. Now, when the market takes off again, we’ll be ready.
Later in the interview, CZ explained that their primary goal for 2019 is to increase adoption for crypto via a number of different ways.
I might give you some ideas, but even then, those ideas change very often.
To end the interview, CZ expressed what he wanted people to think of Binance. He stated that he wants people to think of Binance like a verb, just as people use “Google” on the day-to-day — a brave ambition.
He then shared his ultimate goal for Binance:
An infrastructure services provider — that’s our ultimate goal. Today, if you drive on the road, you don’t think about driving on a road; you just drive. You find a road and you drive on it. We want to be the road.
Institutions Coming to Crypto
In addition to general talk about Binance exchange and its endeavors, The Street asked CZ about what he thought of institutional funds coming to crypto and how they will impact the industry.
CZ immediately said “institutional participation is a very good thing.” He talked about the introduction of Fidelity to the crypto markets, a multinational financial services corporation that manages over $2 trillion.
He explained that Fidelity moving into the crypto space suggests that the crypto market cap will grow a lot more. He also stated that institutional investment will improve stability of cryptocurrencies overall, thus increasing adoption, as prices will go up and people will be attracted.
CZ then stated:
All of this I think is very positive. It’s just a matter of time. I don’t know how quickly it will happen, but it will happen.
CZ then mentioned where this institutional investment will be coming from.
He explained that while the greatest amount of institutional capital comes from the United States, they also have the strictest regulations. Therefore, the influx of institutional capital will likely come from Europe and Singapore due to their lax regulatory requirements for registering a trading company.
Overall, CZ appears to be very bullish on the long-term growth of the cryptocurrency market. He has stated his reasons to believe in a future Bitcoin bull run in a recent CNBC interview, as well as in this interview with The Street.
With the crypto markets taking quite a hit these past few days, with nearly $50 billion exiting the market, things are looking bleak. We will have to wait and see if CZ’s bullish outlook comes true.
Do you agree with CZ’s bullish long-term outlook on the cryptocurrency markets? Let us know in the comment section below.