In a recent interview with Luke Martin, Host of Venture Coinist, Binance CEO Changpeng Zhao discussed the present market scenario for digital assets and the impact of China’s blockchain-related announcement on the overall industry.
2019 was seen by many as bullish after Bitcoin and the rest of the market surged between April and June. However, the 2nd half of the year saw volatility kick in and the valuation of various crypto-assets suffered following several major price swings.
According to CZ, despite the market recording consistent price fluctuations, it might be the beginning of a major bull run. He said,
“It feels very much like at the beginning of the bull market. Bitcoin’s recovered quite nicely. It went up and down a bit but there are always going to be fluctuations and the other coins are also recovering now.”
Talking about China’s increasingly encouraging steps in the space, CZ said that the Asian country has been very positive about blockchain lately, adding that Chinese President Xi Jinping’s announcement on blockchain surprised him as well.
However, CZ stressed on the fact that China is very centralized, adding that despite the government being pro-blockchain, Bitcoin wasn’t mentioned once by any state official. The ‘green-light’ for blockchain would promote a faster rate of learning about the technology, something which is holistically beneficial for the entire digital asset industry, he said.
Further, CZ remains unsure about how China’s CBDC would perform once it goes public. He conveyed that the availability of options is paramount for the people. Additionally, the CEO of Binance claimed that China’s pro-blockchain sentiment may see an increase in investment from various VCs in the space again, promoting the idea of digital assets.
Talking about Binance’s derivatives platform,