Almost 300 million people are currently in cryptocurrency – CZ's perspective

Binance's founder and CEO Changpeng Zhao gave his view of the cryptocurrency market today in an interview on Bloomberg TV. According to CZ, most people are entering the crypto space through Bitcoin. They know bitcoin and many of them know other cryptocurrencies and their smart contracts, NFTs etc. It tends to branch out and explore. He says these cryptocurrencies are essential for other types of transactions. At this point he mentions Ethereum and points out that this is probably the reason why the second largest cryptocurrency is on the rise. The interviewer shared that how many newcomers to the cryptocurrency space have no knowledge of many basic things like knowing what private keys are. They are unaware of the specific use cases of each cryptocurrency, and if too many people speculate on the price alone, this can lead to "irrational euphoria" and "foaming" in the market. CZ said he believes this type of investor is part of the traditional exchange and that it is not just a crypto phenomenon. He said that these people only tend to follow the herd. He believed that this type of investor was probably outnumbered by those who did the right research, and that this led to price volatility. The Binance CEO believed that this volatility would now be less for Bitcoin than similar-sized assets on exchanges such as Tesla and Apple. Speaking about the structure of customers on Binance, CZ said that although corporate engagement is definitely increasing, retail is around 70% compared to around 30% of institutions. At the upcoming launch of the Binance NFT platform, CZ stated that this space is still at a very early stage. He said that due to the "auction" aspect of NFTs, there is not much interest from the institutions here. CZ was asked why Binance did not consider going public, given the exchange's popularity and recent momentum. He answered by going public

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