During the recent Bitcoin MENA conference in Abu Dhabi, Changpeng Zhao joined the debate of public figures who have expressed their opinion on bitcoin’s strategic reserves.
As soon as CZ took over leadershipthe interviewer mentioned that bitcoin had surpassed the USD 100 thousand barrier and asked him what his opinion was on the matter, as well as his vision on the position of bitcoiners in the next 10 years. “I think that in the future we should not continue to call it bitcoin, it should simply be seen as money,” Zhao stressed.
I think we will see many more use cases in the near future. Today, people still largely view bitcoin as an investment asset. There is a lot of talk about its price, over $100,000, and it is considered a type of asset with which to make profits. However, it is really the daily utility of bitcoin that we will start to see in the next decade or decade and a half. For me, bitcoin represents the future of money, so it should be used as a functional tool.
Changpeng Zhao, former CEO of Binance.
Next, the fact that several nations are accumulating bitcoin or considering doing so. CZ himself brought up the issue saying: “We are already seeing several nations hoarding bitcoin as reserves, which could increase its price even further, almost mathematically.” He was then asked for his views regarding the possibility of the United States launching a bitcoin-based strategic reserve.
«It is very smart that the United States is doing this, so much so that there will be a domino effect on other nations. If the United States does it, then other countries will have to follow,” CZ said.
Going deeper into which other countries could adopt a strategic BTC reserve, Zhao said that the nations that were already pro-cryptocurrencies are the ones that are advancing the fastest, and mentioned that smaller sovereign territories will be the first to follow suit.
Finally, when asked about China’s reaction, the former Binance CEO commented: “I think China is a little harder to predict, but that doesn’t mean some department isn’t secretly buying bitcoin.”
Trump hasn’t taken office yet and the bitcoin strategic reserve isn’t up and running, but when that happens, we’ll see what other countries do. Other territories do not have the same democratic debate and are less transparent with their intentions. As for China, as far as I know, there is little information available. However, China can act really quickly when it wants to. That is the difference between a democracy and aligned leadership where there is no debate. I would be surprised if the Chinese government accumulated bitcoin and then announced it… They have to do it at some point because it is the only hard asset.
Changpeng Zhao, former CEO of Binance.
It is worth noting that, when asked how many users he believes will use bitcoin in the next 10 years, CZ stated: “I think that in a few years we will see more widespread adoption, reaching between 50% and 70% of the population.”
We will probably never reach 100% adoption for 20 or 30 years, because we also have to consider older generations. For example, my mom doesn’t know how to use cell phones well… I think it will take a few more generations to reach 100% adoption.
Changpeng Zhao, former CEO of Binance.
Meanwhile, the newly elected United States government is already taking important steps to define the direction of the Cryptocurrency sector. Recently, it was announced that David Sacks, former PayPal executive, has been appointed as the new “crypto czar” of the White House. According to Donald Trump himself, Sacks will be responsible for promoting a legal framework that drives innovation in the cryptoasset sector, which could have a significant impact on the regulation and development of the industry. This information was reported by CriptoNoticias.
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