In a recent interview with Bloomberg, Binance CEO Changpeng Zhao (CZ) disagreed with the Bank of International Settlements’ (BIS) Chief Agustin Carstens’ statement that cryptocurrencies are “not money.” CZ argued that fiat currencies have been losing their purchasing power due to inflation and central banks printing more money, whereas cryptocurrencies offer an alternative form of value storage.
Citing Bitcoin as an example, CZ pointed out that its deflationary nature makes it attractive to investors who want to store their wealth in something which is not affected by monetary policy changes or inflation. He also noted the increasing use cases for cryptocurrency such as remittances and payments – both areas where traditional financial institutions have failed miserably over the years due to high costs and slow transaction times.
Although he agreed with Carstens on one point – namely, that cryptocurrency needs better regulation – he emphasized his belief in crypto being here to stay despite any regulatory hurdles it may face along the way. In addition, CZ highlighted Binance’s commitment towards creating a compliant platform for users around the world through initiatives like its Global Compliance Program which seeks compliance from exchanges across different jurisdictions worldwide .
Ultimately , this disagreement between two industry leaders highlights how far we’ve come since Satoshi Nakamoto first introduced Bitcoin back in 2009 – from being considered nothing more than a glorified Ponzi scheme by some people then ,to now having serious conversations about whether or not digital assets should be classified as “money” . It will be interesting what happens next when it comes down regulations surrounding digital assets but one thing is certain: Cryptocurrencies are here stay!
