‘Bitcoin should be bigger than gold’: CZ at Bitcoin MENA
Binance founder Changpeng Zhao discusses the currency's future, crypto adoption, and strategic moves by global powers
Speaking at the Bitcoin MENA conference in Abu Dhabi on Monday, Changpeng "CZ" Zhao, the founder of Binance, shared his vision for crypto's future and its growing global impact.
Known for his provocative declarations, CZ delved into topics ranging from Bitcoin's role in the global economy to China's evolving approach to digital assets.
Bitcoin as the future of money
CZ opened his remarks by challenging conventional perceptions of Bitcoin. “Bitcoin should be bigger than gold,” he declared, underscoring its potential as a store of value and its increasing adoption.
“We shouldn’t call it Bitcoin,” he said, “it should be called money. Do you want the future money?” His remarks underscored a vision of Bitcoin evolving from a specialized asset to a widely used global currency.
Pro-crypto nations accelerating progress
CZ pointed out the competitive edge of nations that embrace cryptocurrency. “Countries that are pro-crypto are moving faster,” he said, emphasizing how supportive policies can drive innovation and economic growth.
Turning to China’s unique approach, CZ remarked, “China can move very fast when they want to.” He suggested that the country is leveraging Hong Kong as an experimental hub for crypto development. “China is using Hong Kong as a sandbox for crypto. Hong Kong is a test bed.”
Speculations on Hong Kong’s Bitcoin strategy
CZ suggested that Hong Kong might already be in the process of establishing Bitcoin strategic reserves, tying this speculation to a cultural trait he described as characteristic of the broader Asian Chinese mentality: “We hoard money quietly without telling people.” He implied that this approach aligns with Hong Kong's discreet yet strategic moves in the crypto space.
Defending crypto against criticism
Addressing criticisms that crypto facilitates money laundering, CZ firmly defended the industry. “Crypto is more transparent," he said, adding that cases of money laundering are far fewer with crypto than with fiat currency. He argued that blockchain technology offers unparalleled transparency compared to traditional financial systems.
Driving conversations about Bitcoin’s future
CZ's thought-provoking comments at Bitcoin MENA reinforced his role as a leading voice in the crypto world. His predictions about Bitcoin rivaling gold and insights into China’s strategic crypto initiatives are likely to spark conversations among both enthusiasts and skeptics in the months to come.
