Throughout the entirety of 2018, the crypto markets have declined substantially from Bitcoin’s ATH (all-time high) of nearly $20,000 to roughly $4,000.
We have experienced short-lived rallies here and there (we might be amid one now), but overall the downward movement has been strong.
Many people have already capitulated, getting shaken out of the market with weak hands. However, there are still people with skin in the game that refuse to sell out or let downward price movements get to them.
One such individual who remains optimistic about the crypto industry is Changpeng Zhao “CZ”, CEO of the world’s largest crypto exchange Binance.
2018 is a Correction Year
Speaking in a recent Bloomberg interview, CZ called 2018 a correction year for cryptocurrencies and expressed the harsh reality that some coins won’t recover:
2018 has been a tough year in terms of the pricing for cryptocurrency and I think we see a lot of projects not making it this year, so it’s a correction year.
While his outlook appears negative from this last statement, it’s actually quite the opposite.
CZ explained that while price is very attractive for speculators, the real growth will come from builders and real use cases. This is what makes CZ optimistic about the future of crypto.
The industry is going to grow by the builders. The guys who actually build applications. Long term, industry is sustained by real applications, real use cases of cryptocurrency, which a lot of people are building. So that’s happening regardless of where the price moves.
Binance is Building
As CZ is so adamant about building, he shared his plans for how Binance is contributing to the growth and development of the crypto industry.
He said Binance has already launched 1 fiat-to-crypto exchange with plans to launch 2 or 3 more within the next month and 10 more fiat exchanges next year.
He then explained that despite the drastic 2018 market correction:
None of our plans changed, we are still pushing forward very aggressively.
Binance is also launching their first decentralized exchange (DEX) in early 2019. They will build the DEX on BinanceChain, Binance’s proprietary blockchain said by CZ to host thousands of blockchains and millions of coins.
Binance Welcomes Regulation
As Binance plans to launch over 10 new crypto exchanges, one would think they’re in for a regulatory nightmare. However, CZ is very welcoming to regulatory involvement as they launch their exchanges and make them safe and secure.
However, CZ had this to say about regulators coming into the crypto industry:
We want clarity, but we also want good, sensible regulations. We want regulations that promote innovation and not things that totally hamper innovation…there’s still too much uncertainty in many countries in the world regarding regulations around the cryptocurrency industry.
The U.S. regulatory agencies, SEC and CFTC, have dived into the crypto scene and are taking an active approach in developing sound regulations that not only protect industry participants but foster innovation and growth within the industry.
For instance, 2 U,S. congressmen proposed new bills to put an end to crypto manipulation and an SEC commissioner, Hester Pierce, believes a Bitcoin ETF is possible.
Binance is pushing forward with new developments, are optimistic about regulation in the space, and are unphased by the “2018 crypto market correction.”
What do you think about Binance’s plans to launch all of these new crypto exchanges? Are you optimistic about the future of the crypto industry? Let us know in the comment section below?
