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CZ Doesn’t Believe Bitcoin ETF Is Core For Cryptocurrencies Growth

 
CZ Doesn’t Believe Bitcoin ETF Is Core For Cryptocurrencies Growth
Exchanges / Breaking News / Bitcoin

Earlier today, the CEO of Binance, Changpeng Zhao (CZ) held his first live Q&A stream through Periscope. There were several questions prepared for CZ by his team before the stream went live. The whole Q&A stream went on for just over 45 minutes in which he discusses the Binance Chain and exchange, the future of Ripple, decentralisation and the Bitcoin ETF.

Binance Chain

The first question that CZ was asked was in regards to the number of validator nodes that the Binance Chain be able to run. To this, the CEO responded:

"I think for the testnet, we elect to run 11 test nodes. I think any number is fine. The number of validators in our network will be small, mainly for performance reasons. So, it will not be as big as a Bitcoin network with thousands of nodes. It's going to be more like NEO or even Ripple... Smaller number of nodes, and each node will be rather large. "

Binance Exchange

In terms of the Binance exchange itself, CZ said that they were looking into some new features that Binance are intending to extend into.

"Yes. We are still working on a lot of new features for Binance.com. A lot of features are missing. Once you have a product running, it's never done. OCO [One Cancels the Other] is a feature that's requested very heavily from many of our users. So, we are working on that. We want to support OCOs natively in the matching engine."

Ripple

When discussing Ripple, CZ was asked whether there were any plans in the pipeline for partnering up with Ripple using xRapid. To this, CZ said:

"There's nothing going on right now, but in the future, we definitely want to add them as a partner."

Decentralisation

When the topic of conversation changed to decentralisation, the question was rather simple: “is crypto truly decentralised?”

"On decentralization, most people view that as a binary thing, is it decentralized or not. But the reality is that decentralization is a gradient scale. So, there's a degree of decentralization you can achieve. Some blockchains are more decentralized, some blockchains are more centralized. Any blockchain that has a clear development leader or team, they are more or less centralized in some way. So, Binance Chain is a going to be a little more centralized initially in that way."

Bitcoin ETF

CZ gave his thoughts on the BItcoin ETF saying:

"If it [a Bitcoin ETF] is listed on a big traditional exchange... that does bring in a lot of attention from people outside our industry. I don't think ETFs are core to our industry's growth. With or without them, our industry will grow. I think for our industry to grow we need more entrepreneurs to build real projects."

What’s interesting about his answer is that despite the popular consensus amongst enthusiasts that the Bitcoin ETF will be the saviour for BTC and help the industry grow, CZ’s opinion is the complete opposite.

In CZ’s eyes, the real key for growth is for entrepreneurs to build some real projects.

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