Binance CEO and Bitcoin billionaire Changpeng Zhao has got an bullish message for fans of crypto that think that they have missed out on the cryptocurrency bandwagon saying that the Bitcoin revolution is still “at the beginning of the beginning” so there is still time to get on the back of the booming industry.
The founder of the cryptocurrency exchange was responding to someone on Twitter who said that he wished he had jumped on the bandwagon in 2013 when Bitcoin was still in its infancy.
In 2013, the price of a Bitcoin was changing somewhere between $10 and $950 but today, the price of Bitcoin seems to be staying around the $3,600 mark after a horrible beating over the past 12 months.
In response to the Twitter user, Zhao said that the best is yet to come and that he hadn’t missed the bandwagon just yet.
“That’s exactly what I thought back in 2013, ‘damn, I am too late. I wish I started early like those other guys.’ and I will say the same thing I heard back then. We are still early, the beginning of the beginning.”
This all came after the CEO of the Shapeshift crypto exchange, Erik Voorhees complimented Zhao for the incredible success that Binance has achieved over such a short amount of time.
“One cannot but be impressed and inspired by the incredible success that Binance has achieved over the last 1.5 years. CZ Binance, it’s been awesome watching your ascent, keep up the good building.”
During the interaction on Twitter, Zhao echoed the the sentiment saying that when he met Voorhees in 2013, it was a turning point in his career and that it was a great inspiration for him.
Shapeshift is one of the more recent victims of the harsh crypto winter. Last month, Voorhees’ cryptocurrency exchange laid off a third of its workforce after being battered by the massive Bitcoin crash of 2018.
Voorhees took all the responsibility for the car crash state of his company but said that taking financial risks is part of his job as the CEO.
“As a company, our greatest and worst financial decision is the same: to embrace substantial exposure to crypto assets. Much of our balance sheet is comprised of them. We accept the volatility, we accept the risk…I can lay this mistake at nobody’s feet but my own.”
Despite the protracted market slump, there are a lot of strong believers like Zhao that are undeterred in their vision of a dazzling crypto revolution that will disrupt whole industries which includes the legacy financial system. Because cryptocurrency is still in its initial stages, Zhao is confident that Binance will still be standing strong in 100 years.
“Binance is ready to survive any number of years, no matter if it’s bear or bull…Our aim is much longer than another year. Our aim is 10, 50, 100 years. So we’ll be here for a while…Once I learned about crypto and how bitcoin works, I just understood that’s the future.”
The Future Direction of Crypto
The tech billionaire Tim Draper has a similar outlook regarding the crypto industry. Draper is confident in predicting that cryptocurrency will eventually take over fiat money and make up two-thirds of the world’s total currency value. Draper said:
“It’s going to be better for people. They’re going to move to crypto, and they’re going to go away from the political currency — they call it fiat. That’s the way it’s going to move.”
Draper made an estimate for Bitcoin last year saying that the price would hit $250,000 by 2022. He still stands by this statement too. The short term setbacks that the market experiences don’t unnerve Draper in the same way to day traders.
We should again highlight that we are not investment advisors, though Draper is well known within the industry, his word cannot be taken as concrete advice, there is no way to know what price Bitcoin will hit in the future. This is a volatile industry and thus, investment should be made by your own accord and not as a result of what these ‘experts’ are saying.
Draper believes that crypto is a disruptive, and a game-changing asset. As observed by the French author, Victor Hugo, nothing can stop an idea like crypto, which has a lot of time to evolve.
“I tend to move my dollars into bitcoin, because why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.”
In addition to this, Draper said that crypto will eventually experience its share of ups and downs like all great inventions do. But the market will without a doubt move forward.
“The Internet started in the same way. It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here.”