Binance’s CEO Changpeng Zhao Speculates The Catalyst To Kickstart The Next Bull Market
Binance’s chief executive officer — CZ, predicts the catalyst to kickstart and drive the coming crypto bull market. Changpeng Zhao recently wrote a letter stating that he believes the distinctive innovations in Web3 can bring about the next bull market.
CZ also states that their focus at Binance would remain customer protection, privacy, and determining new ways to incorporate Web3 features like NFTs (non-fungible tokens) and GameFi (gaming finance) into consumers’ everyday lives.
“It’s essential that the industry focuses on user protection first. But the industry should also explore innovation and development to drive adoption and deliver Web3 benefits into people’s everyday lives.”
CZ added that data tools and infrastructures would grow continuously. Hence, market participants will experience an evolution of Web3 ownership with an increase in multichain and non-custodial wallets.
The Web industry has already built numerous Web3 products that provide utility for consumers, including NFTs and GameFi. CZ says ‘I strongly believe that the root of the coming bull market may be from innovating how the peripheral products are utilized”.
Furthermore, Zhao said that the innovation would be the catalyst for the bull market, but he does not know when it will start. In his words, “my prediction can start happening next year or the year after it. The precise timing is impossible to tell. But Binance will keep focusing on what we know and prepare for the future.”
External Factors Are The Cause Of Fear Amongst BNB Holders – Zhao
A few days back, Zhao publicly stated there were external influences behind the recent fear, doubt, and uncertainty amongst BNB holders. Recently, Binance users have been withdrawing from the platform massively as money laundering allegations against the platform grew.
However, Binance users are probably taking a cue from events leading to the collapse of FTX and its founder’s issues with the authorities. Since the collapse of FTX, Binance has seen an increase in the number of people who stopped trading on the platform – $3 billion have reportedly left the exchange in the last month.
Hence, it is no surprise that CZ decided to address the platform’s users and assure them that the withdrawal wave was due to external factors. He explained those factors using a Twitter thread recently. Recently, Forbes announced that Binance was under investigation on issues related to money laundering.
But on the contrary, the exchange helped solve a drug conspiracy topic in conjunction with the US DEA (Drug Enforcement Administration). It was a case where an illegal drug distributor used Binance for money laundering, but Binance assisted the law enforcement agency by releasing the culprit’s identity.
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