[CMC Playbook] Hear it from the crypto expert! CoinMarketCap sat down with Binance CEO & Founder cz_binance to discuss the future outlook for crypto adoption in 2023. 💪
CoinMarketCap sat down with Binance CEO and founder Changpeng “CZ” Zhao to discuss the future outlook for crypto adoption in 2023.In 2022, we’ve seen the fall of many big players — 3AC, Luna, Celsius, Voyager, FTX — how much have these collapses affected the industry in terms of user adoption? And how do you go about measuring adoption in general?Usually, the way I look at the measure of adoption is actually just the Bitcoin price, which usually is a fairly accurate indicator of the industry.
It's a similar thing in crypto with DeFi, CeFi, wallets, faster blockchains, education, regulatory improvements, etc. All of those things will help. Regulatory clarity is very important: given the negative instances that happened in the industry, we have to become more transparent and build more trust. I think the industry will have to shift towards a much more transparency-based system, one that users can verify.
FTX was a big event. When it happened, Bitcoin’s price was around $18,000. Today, we are still at $17,000. Bitcoin’s price didn’t drop by that much — and Bitcoin’s price can drop by 5-10% on an normal day without any specific incident. The industry has been resilient.We’ve all seen some bear markets. You've seen more bear markets than I have. What are the specific differences you've noticed in this particular bear market cycle compared to any in the past?The whole industry is bigger.
I would guess as always, that adoption comes from new use cases, something that we haven't really imagined. Institutional adoption has been talked about for years and it will come. It is coming already, slowly, gradually. Binance actually does have a lot of institutional users, Binance Custody has a lot of institutional users. That's a very clear known use case and the adoption will happen at a certain rate. Regulations are coming at a certain rate, and those guys will come in.
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