Changpeng Zhao (CZ): Blockchain Will Be Bigger Than The Internet

One of the most influential people within the cryptocurrency community, Changpeng Zhao, recently spoke about the current and future state of blockchain and cryptocurrencies, in general. The founder and CEO of Binance shared his opinion on the market, the prices, and his belief that blockchain will have a more significant impact on the world than the internet.

Blockchain’s Impact On The World

In a recent interview, Changpeng Zhao, the CEO of the largest cryptocurrency exchange Binance, said that he doesn’t follow the day-to-day cryptocurrency price actions. According to him, short-term price predictions are hard to do because the market doesn’t handle news that well and it overreacts. However, he is a firm believer in blockchain and its potential global impact. In fact, he seems to believe that it would be bigger than the Internet itself.

“The market always overreacts. It’s very hard to predict price short-term, but if you look at 3, 5, 10, 100 years out, blockchain is going to have a bigger impact on our society than the internet. Right now, there’s probably around 0.1% of our population who has crypto, or probably less, so there’s got to be a thousand times more it can grow, potentially. We know that this technology is not going away; it’s going to disrupt the world; it’s going to disrupt our lives.

He also touched upon the fact that a lot of the cryptocurrencies have a limited supply. According to him, more people are going to get involved with the industry and as this happens, “the price will have no other direction but to go up.”

China’s Plans for Blockchain and Cryptocurrencies

The second-largest country by GDP is a hot topic within the community as of late. While the ban on cryptocurrencies is still active, officials in the country are actually pro blockchain and are urging for further adoption.

CZ also confirmed the “Blockchain, not Bitcoin” narrative that China has been running. However, he says that owning the largest cryptocurrency in the country is not illegal. He even mentions a few legal cases where people have lost their bitcoins, and the court has ruled in their favor, protecting their assets. Zhao also believes that China is a strong supporter of mining.

CZ thinks that it could make sense if the country is restricting cryptocurrencies and exchanges, as a preparation step for the potential use of their own government-backed currency:

“My own understanding would be that it will be very logical for the Chinese government to say, “Hey, the Chinese Central Bank-issued coin (DCEP) should be the only one used in the country.” Also, the DCEP – people are taking out of context. It was originally named Digital Currency / Electronic Payments. It should be used only for online payments. It’s not going to be a cryptocurrency like Bitcoin, where you can do whatever you want with it. […] China is going to promote its own currency instead of the other cryptocurrencies not controlled by them. How much control and restrictions they will apply to this DCEP we don’t know yet.”

Binance Has No Office In China

A week ago, news broke that the Shanghai office of Binance has been shut down due to a clampdown by authorities. CZ responded quickly, saying that Binance has no office in the whole country, meaning that there was no involvement from the authorities. He even went further by expressing intentions to take the media to court because they have published “fake news.”

Naturally, the interview also touched on this widely-discussed topic. CZ reaffirmed that Binance doesn’t have an office in China ever since the company moved out of the country in 2017. He said that they are investing in some Chinese-based businesses but don’t operate from there. When asked if his opinion for the lawsuit has changed, he said that he is not sure yet but may proceed with it, if his lawyers say so.

Craig Wright Is Not Satoshi Nakamoto

One of the biggest debates in the industry is whether or not the Australian computer scientist, Craig Wright, is behind the pseudonym Satoshi Nakamoto. When asked if this could be true, CZ firmly declined it as an option, saying, “there is no way.”

Additionally, he spoke about the most recent hack of a cryptocurrency exchange UpBit, saying that his company will help with whatever they can. He thinks that improving security on exchanges and monitoring funds is actually much easier than recovering them once they have disappeared.

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