Binance CEO Changpeng Zhao (CZ) made some positive comments regarding cryptocurrencies and the underlying blockchain technology at one of the largest technology events in the world. During the day Web Summit in Lisbon, the CEO said on stage that crypto may be the only stable thing during the current macroeconomic situation:
”If you look at the technology, at the fundamentals and the limited supply, nothing has changed. It has been the most technologically stable thing in this turbulent situation.”
He admits that the prices of cryptocurrencies are very volatile, but the underlying technology is extremely stable, according to CZ.
@cz_binancethe CEO of @binancetook to Center Stage to share an alternative view of the stability of this crypto winter. pic.twitter.com/HqANBCKYNj
— Web Summit (@WebSummit) Nov 1, 2022
Cryptocurrencies like bitcoin (BTC) do not depend on other factors. Bitcoin will always exist and it is basically completely separate from the market. Regardless of the price of bitcoin, the decentralized network will always continue to do its thing and guarantee a certain scarcity. Stocks on the other hand depend to a large extent on the market. When companies go bankrupt, a stock is worth nothing.
Twitter takeover Elon Musk
Since last Friday, Elon Musk is the new owner of the social media platform Twitter. The yellow giant has been able to participate in the acquisition of the platform with an amount of $500 million. With this, the trading platform hopes to play a role in bringing social media and web 3.0 together and broaden the use and adoption of crypto and blockchain technology.
During Web Summit, Binance CEO outlined his expectations of Twitter and Elon Musk:
“With Elon Musk in the lead, I expect Twitter to produce new features at a rapid pace. Not everything will stick. I would even venture to say that most probably won’t stick, but that’s how you get to that 10 percent that does make the platform better.”
Changpeng Zhao did not comment on the possible integration of Dogecoin on the platform. Recently, you could read in the altcoin news that CZ and its exchange will assist Twitter in providing the infrastructure for all things crypto.