Binance CEO: 2018 a “Correction” Year for Crypto, Remains Confident about Industry’s Future

In a recent interview with Bloomberg, Binance CEO Changpeng Zhao stated that despite the ongoing bear market, he’s confident about the future of cryptocurrencies. On December 19, 2018, CZ gave a live interview to Bloomberg online and opined that digital currencies are “here to stay.”

2018 a Correction Year for Crypto

The monumental 2017 crypto bull run would be afresh in the minds of crypto proponents. While many argue that the exorbitant crypto rally was mostly due to market speculation, one cannot deny its impact on the crypto verse.

During his interview, CZ admitted that Bitcoin’s price fluctuation in 2017 was extreme, and the industry is now going through a steady correction phase. He remained positive about the future of the crypto industry, stating that cryptocurrency projects will continue to develop and drive towards mainstream adoption. He added that development of dApps on various blockchains could prove to be a critical factor for the rapid adoption of DLT and digital currencies.

CZ answered questions related to real-world use cases of blockchain technology, the scope for dApps in the future, and the recent blockchain conference hosted by Binance in Singapore.

Talking about the fluctuations in the price of cryptocurrencies, CZ opined that it is mostly the speculators and short-term traders who are more concerned with crypto prices and that “the industry is going to grow by the builders, by the guys who actually build applications.”

Binance Plans on Track

Zhao stated that the pessimistic market sentiment has had no impact on Binance’s plans and long-term strategies.

He mentioned that Binance is determined towards the launch of the much anticipated decentralized crypto exchange (DEX). Binance is also slated to launch its fiat-to-crypto exchange in Singapore this year, where customers can directly trade cryptocurrencies like bitcoin (BTC) and ether (ETH) against the Singapore dollar.

Regulations Required in the Industry Only to a Certain Degree

When asked about the importance of regulations in the nascent industry, CZ agreed that government regulations are the need of the hour due to the uncertainty plaguing the industry.

However, they should not stifle the growth of the ecosystem. He said:

“We want clarity and we also want good sensible regulations, we want regulations that promote innovation and not things that just totally hamper innovation.”