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The prolonged downturn of the cryptocurrency market has caused many of the investment community to have anxious and anxious thoughts about the future of the industry. However, Binance CEO Changpeng Zhao does not think so.
Talking to Messari CEO Ryan Selkis during a conference held earlier this week, Binance CEO commented that it is very normal for the growth cycle of the crypto market to happen every 4 years. Changpeng Zhao (CZ) explained that crypto still needs to go through a decline and accumulation phase to become healthier and more mature in the long term.
Tweet details about the conversation: https://twitter.com/MessariCrypto/status/1572591926247043072
Along with that, CZ advises investors not to view token prices as indicative of ongoing crypto activity. Instead, the number of people buying and using cryptocurrencies, on blockchain and web3 projects are more factors to consider, because this field is still in its infancy and has a lot of room for development. CZ emphasized.
“The price correction is really good during this period. Cryptocurrency is too early. We are not in a saturated market.”
Adding to his point, the manager of the world’s largest exchange said that the entire crypto industry is healthy and urged investors to persevere to overcome the current “cold” together. Finally, the CEO of Binance emphasized that the legal corridor will serve as a solid basis for the cryptocurrency to go further in the future.
On the other hand, CZ also mentioned the move of some regulators, typically in the US, when they try to bring cryptocurrencies into existing financial frameworks. The most recent example is the event that the US government issued new guidelines governing new crypto; or the CFTC is willing to take over this role of market watchdog under a proposal that supports the SEC’s classification of certain coins as commodities and securities.
“I’ve actually seen a lot of positive progress in regulatory frameworks. There will be a number of coins that are similar to stocks, commodities, and currencies, but the good news is that Bitcoin does all three.”
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