Binance CEO CZ said on Dec. 28 that 2022 will be a tough year for Binance and the cryptocurrency market. The experienced executive also shares his predictions for which Blockchain areas will stand out in 2023.
Binance CZ shares its assessments for 2022 and 2023
The CEO shared his views on the current state of the cryptocurrency market in the headline “Letter from Our CEO: 2022, Year of Endurance” published on Binance’s website on December 28. The veteran executive says 2022, a highly turbulent year, is not the first. This year, both Binance and the crypto market have been hit hard after Celsius, Voyager and FTX collapsed. CZ does not deny that these developments are a black mark. However, it presents an optimistic picture for the future:
While all this may seem like a threatening combination of multiple headwinds, our industry is still in its infancy. We should define it not by the challenges it faces, but by how it withstands them. In this context, 2022 has given us more reasons to be optimistic than in any other year in history, as both the industry and Binance have demonstrated remarkable resilience and perseverance.
CZ also mentions that despite the bear market, Blockchain projects are being adopted and are continuing their development in the Web3 space. In part of the letter, he shared that he is hopeful that the metaverse, NFT, DeFi, and other blockchain spaces will recover quickly:
It is now critical that the ecosystem focus above all on protecting users, as well as innovating and building to bring crypto and Web3 deeper into people’s daily lives. I believe that infrastructure and data tools will continue to grow and advance and we will see Web3 ownership evolve with the increase in personal storage and multi-chain wallets. Our industry has created a range of Web3 peripheral products, from NFTs to GameFi, that showcase a core ability to benefit users. I believe the next bull market will come from innovations in the way these products are used to deliver unique benefit.
Changpeng Zhao remains optimistic about regulatory frameworks
cryptocoin.com Celsius, Voyager, FTX and other bankruptcies, which have been in the headlines for months, have intensified regulatory pressure on crypto exchanges and companies. In fact, even the largest exchange Binance saw withdrawal requests peak with the news of the FUD. Despite all these events, CZ says he is optimistic about the regulations. He states that brands are embracing the metaverse, NFT, Blockchain and crypto space. However, he stated that 2023 will be a year in which demand for cryptos will increase as the global economy recovers.
What was the first for Binance this year?
CZ also answered questions from the community on Binance’s Youtube channel. In terms of what is the first for the stock market this year, he stated that they have expanded to 33 new countries. The CEO also shared that they met numerous regulators due to the events that took place this year.
Finally, commenting on whether Binance will crash or not, CZ stated that the exchange has 100% collateralized all client funds. He assured that client funds would be safe even if Binance went bankrupt. CZ says it’s “totally secure” for its Binance-backed personal storage solution, Trust Wallet. However, he has repeatedly expressed throughout the interview that he is quite optimistic about 2023.