In a tweet, Binance CEO Changpeng Zhao remarked that crypto’s sustained resilience would lead to its growth. CZ has always been a Bitcoin bull, so it’s no surprise that he’s putting his money where his mouth is. His market musings follow news that Dubai has taken a big step toward accepting cryptocurrency. The city, which is well-known as a global financial centre, recently passed a Virtual Assets Law, which would provide regulatory certainty for cryptocurrencies.
The CEO of Binance also took a shot at doubters who believe that the soaring price of cryptocurrencies is a speculative bubble. People who still believe the crypto market is in a bubble, according to CZ, are “in a bubble themselves.”
As CZ and other market participants point out, crypto continues to defy expectations and even convert sceptics. Market participants point to increased confidence in crypto in nations like the United Arab Emirates, Singapore, Malaysia, and El Salvador as proof that it is here to stay.
Despite doubters’ reservations, Bitcoin and other cryptocurrencies have seen even more rapid growth. Changpeng Zhao, popularly known as CZ, has stated unequivocally that the industry will not go away.