CZ predicts ‘existential implications’ for anti-crypto traditional finance

cointelegraph.com:

As traditional institutions proactively reduce exposure to cryptocurrencies as a reaction to ecosystem collapses in 2022, Binance CEO Changpeng ‘CZ’ Zhao believes this move could potentially have a negative impact on such traditional financial players.

The collapse of major crypto platforms, such as FTX and Terraform Labs, not only reduced trust among investors but also forced the traditional market to reevaluate their strategies for stepping into the crypto ecosystem. While the reluctance of traditional players stands as a deterrent to crypto’s adoption in the short term, CZ argues that the decision might backfire over the next two decades.

as they really hampered traditional financial players to adopt the technology, and will likely cause them to be further behind on the adoption curve, which may have existential implications for them in 10-20 years time. ‍♂️

According to CZ, over the next 10-20 years, traditional financial players that choose to slow down on crypto adoption will be placed way behind the adoption curve, stating that:

CZ, along with other crypto entrepreneurs, believe that the actions of actors like Sam Bankman-Fried set the industry back by a few years as he said, “Regulators rightfully will scrutinize this industry much, much harder, which is probably a good thing, to be honest.”

CZ’s long-term bet on the fate of crypto naysayers was supported by investors that have slowly started recovering from the traumas of 2022. The overall positive sentiment is supported by a slow but consistent bull run, which has brought back Bitcoin (BTC) prices from the $15,000 range to well above $23,000 at the time of writing.

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