Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
Cryptocurrencies like Bitcoin are the best form of money, Binanceâs CEO says.
Changpeng Zhao, the CEO of the worldâs largest cryptocurrency exchange Binance, said that decentralized finance is here to stay despite many DeFi projects showing signs of being in a bubble.
In a Nov. 17 interview with Russiaâs news agency RBC, Zhao argued that âa lot of DeFi projects are already in a bubble, and I also believe that there are some signs of a bubble in the DeFi industry, but this does not mean that DeFi will eventually disappear entirely.â
Zhao went on to say that the DeFi industry has a lot of potential for growth, noting that DeFi still remains popular amid an ongoing Bitcoin (BTC) rally. The executive also stressed that initial coin offerings, or ICOs, were referred to as a bubble back in 2017, but a number of ICO-born projects â including Binance â are still doing great:
âCompanies create new tokens, issue them as a reward. This is not a long-running story. But I think DeFi is here to stay. Even now, with Bitcoinâs popularity rising again, DeFi is still popular. We think there is a lot of growth potential in DeFi.â
However, Zhao said that some DeFi projects âmay not last too longâ despite the industry providing a number of incentives through DeFi yield farming and DeFi liquidity.
Zhao also claimed that cryptocurrencies like Bitcoin are the best form of money, calling it the âmoney of freedom for millions of people worldwide.â The CEO predicted that the crypto market has the potential to grow as much as 100,000% as digital assets, supposedly, will become more widely adopted than fiat.Â
While he does see a future for DeFi, Zhao has noted roadblocks to the industry attaining mass appeal. In August, he claimed that centralized exchanges will remain popular until decentralized exchanges become more user friendly.Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.