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Binance CEO Still Sees Bitcoin Growing 1,000x in Price

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August 14, 2019 | 

Darryn Pollock |  0 Comments| 

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Binance CEO Changpeng Zhao has made a bold prediction about the potential price of Bitcoin down the line, suggesting it can still grow 1,000-times. This may sound like a huge figure, but his reasoning is not all that outlandish. 

Zhao, who has seen huge success in a short period of time with his cryptocurrency exchange Binance believes that because cryptocurrency is still owned by such a small percentage of the global population, it has room to grow in price when adoption gets bigger. 

Moreover, the CREO explained on the podcast, Flippening, that he is looking to help boost adoption by boosting the cryptocurrency space in general. This, according to him, will probably involve Zhao handing over the reigns of the centralized exchange to someone else.

Bigger than the fiat market

Zhao’s prediction that the crypto market still has 1,000x to grow, is predicated on the belief that crypto can do far more than fiat.

“I think even in the US, or anywhere in the world, there’s probably less than 0.1% of people who actually have crypto. So there’s probably 1,000x to grow,” said the CEO. “Also, the crypto market is going to be bigger than the fiat market. So this is similar to Uber market’s bigger than the taxi market.

“There’s more things you can do in crypto than with just fiat money. So I think in crypto you can combine the fiat, the currency aspect, the equity aspect, the utility aspects, even combine real estate projects. There’s a lot more things you can do with crypto. I think the market is not saturated anywhere.”

Boosting the ecosystem

Based of Zhao’s success thus far, he is well primed to make a big impact in the crypticurrency market which is still very small and maluable by other standards. However, he still feels that providing use cases for the exchnages native currency, BNB, will help grow things in general. 

“In our case, given that there’s a BNB token, which is a utility token that now has more than 100 uses. I think last time we counted 112. So it’s no longer just about growing the company value. It’s about growing the ecosystem value,” he added.

“So the more people who use BNB, the higher value BNB is. And that’s beneficial for everyone that’s involved. Not just our team members, but also our angels who do not get paid a salary. Our community members, our investors. So there’s a different type of dynamic that’s involved once there’s a token issued. So you actually want to grow the ecosystem value.”

Moving on

Zhao also spoke of the stresses that come from running one of the world’s biggest exchnages, statign that he would not be adversed to handing over the responsibility.

“For Binance.com, I think it will be more like a baton passing to some guy because Binance.com is a centralized service. And with a centralized service, you typically have a chain of command in a hierarchy and that kind of makes sense. And I actively want to pass that on. Honestly, most people are jealous of people running a successful exchange. But if you’re actually running a successful exchange, you know how many headaches are involved,” said Zhao.

“There’s just so much stuff going on. So many issues, so many problems you have to deal with. So I would very much welcome a professional CEO/manager/leader type of person to take this on. But I think it would take a couple years because we’re still quite new. There’s still a lot of things in flux. And we’re not organized in such a way, like a well-established big company.”

“The other parts of the Binance ecosystem, like the DEX, is a prime example of just letting the community handle it. Very soon in the future, we’ll open-source it. Later on, there will be more validator nodes and there will be community voting on the next steps for the DEX development.”

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