Speaking to CNBC on July 23 is the CEO of Binance, Changpeng Zhao, one of the world’s number one cryptocurrency exchanges. There, he mentions the fact that even negative coverage of cryptocurrencies is still better than nothing, considering a scenario like President Donald Trump tweeting about buying cryptocurrency is bringing awareness to the digital assets.
All Press Is Good Press
No matter what he says about them, these comments contribute to the validity of Bitcoin and cryptocurrencies. Not only does it show that top executives are considering them, but also that there’s some ground to crypto after all.
“Trump so far has not done anything positive or negative, he’s just said he’s not a fan,” says Zhao. “The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.”
On top of this has been the testifying of the head of Libra, David Marcus, in front of Congress regarding the stablecoin. This brings even more consideration to cryptocurrencies as a valid piece of technology.
Furthermore, the CEO even considered the worst possible scenario: one where the United States bans cryptocurrency. While it wouldn’t be ideal for the industry, “cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more,” concludes Zhao.
The publication then spoke to Zhao about the recent attack on Binance, in which hackers took $70 million in Bitcoin. He responds by saying the situation was “unfortunate” but “totally managable.” In fact, Zhao even turned it around and said that this brings a “new level of transparency” to the finance industry. Zhao then considers banks, stating that they “get hacked” but that nobody knows just how much is ever taken. “Whereas with cryptocurrency there’s more transparency, which is actually good for the users because now they know what’s going on.”