Changpeng Zhao: The market behaves differently this time even if bitcoin is down


Binance CEO Changpeng Zhao said that despite the decrease in the price of Bitcoin, transaction volumes increased and this was a positive sign for the markets.

Changpeng Zhao, CEO of Binance, which is one of the biggest cryptocurrency exchanges in the world with its transaction volume and number of users, has attended the online cryptocurrency and Blockchain conference BlockDown.

At this conference, held on April 16 and 17, Zhao shared his views on many issues from crypto markets and the global economy to Binance.

Binance CEO claimed that although 2020 was a shaky year for the world, the cryptocurrency exchange business was doing well. Stressing that the volume has increased 3 to 5 times, Zhao said, “Although the price of Bitcoin falls, we see a lot of increase in the trading activity.” said.

Zhao says most crypto investors, including himself, are unable to predict the impact of aggressive withdrawal on mainstream markets on cryptocurrencies. Binance CEO argued that many traders selling cryptocurrencies at the same time accelerated the collapse in the market.

Zhao claimed that the record of trading volumes was a positive sign for the crypto markets during the sharp downturn in March. Binance manager said, “We have historically observed that transaction volumes are decreasing each time the price drops and is balanced below, but we see much higher volumes in this drop.” said. The CEO then stated that this means that there are too many people coming to the sector. “Generally, when this happens, prices will not be low for a long time.” He spoke in the form.

Monetary expansion and Bitcoin
Zhao thinks that it will increase adoption in cryptocurrencies at the end of monetary expansion. Binance CEO said, “Mathematics is infallible; if you increase the supply of fiat money and Bitcoin is a limited asset, math will eventually work. So I think we will see the effects of monetary expansion in a few months. ” commented.

“I hope for the future from IEO”
After these comments on the markets, Zhao touched on the developments in Binance. “I am very hopeful about the future in terms of IEO,” said the CEO. We are going through very difficult times for depositing money. We have actually seen many similar cycles. We have also seen in traditional markets. Many times, we remember that governments saved companies when money ran out. However, this period is now over. In ICOs and IEOs, we now see people taking care of you or your project. I already call these projects Blockchain fund support. Since 2017, ICOs have been losing a lot of money or keeping investments, but we have always received good feedback from our users and customers with this style. 2017 was actually an easy year for us. For example, now it is difficult for everyone. There is volatility again, but it is difficult. There is still some money circulating in the market. There are still several ways to make money. ” used expressions.

“I even started learning to cook”
Emphasizing that there are ways to make money online and work from home, Zhao said that this period, which comes with the coronavirus epidemic, will also change people’s behavior. Zhao said, “Home services, couriers, e-advertising, e-commerce, e-game will all develop. I even started learning to cook. We will change, and we will continue to bring new features to Binance day by day. Everyone should be strong and continue to work hard. ” He spoke in the form.

“We are constantly on the lookout for different projects”
Binance CEO later mentioned developments in Binance and stated that there are always many projects in Binance. “We are constantly pursuing different projects,” said the CEO. “There are always many projects in Binance. Anyone looking at the Binance team from the outside thinks that we are very organized, but there is a complete chaos. Someone new to work will also notice it instantly. So I don’t really know which project to highlight right now. There will be important projects in Binance Chain, but I don’t know which one will stand out. We remove the Binance debit card. While the seller is buying fiat, you will be spending crypto. Futures platform is also going well. We have a lot of innovation options. We are constantly pursuing different projects, but I don’t really know which one will come first or which one will “fly”. ” made their explanations.

Zhao finally said, “We want people to stay in crypto for a long time. In fact, the Binance Debit card provides this. You will convert your crypto money into fiat only when you pay. Apart from that, you will be able to hold your crypto longer. ” used expressions.