Bitcoin
$3,626.49 -1.03%
BTC · 17w

Binance CEO Zhao: Crypto Market Will 'Absolutely' Grow 1000x and More

Changpeng Zhao, the CEO of Binance better recognized as CZ, has said that crypto still has room to grow by more than a thousand times in the years to come.

Earlier this week, as CCN reported, Ethereum co-creator Vitalik Buterin stated that while the cryptocurrency sector as an industry can grow by a thousand-fold, it is unrealistic to expect the price of cryptocurrencies to see 1,000-fold gains in the future.

“The blockchain space is getting to the point where there’s a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore,” he said.

CZ Believes Otherwise

In 2017, the cryptocurrency sector has seen its most explosive yearly growth rate to date, as major cryptocurrencies like Bitcoin, Ethereum, Ripple, and Bitcoin Cash increased by 30 to 500-fold within a 12-month period.

The industry experienced such an exponential rate of growth in a period in which cryptocurrencies were being introduced to the mainstream for the first time. Major markets like Japan and South Korea demonstrated unprecedented levels of speculation and interest, which ultimately led the Bitcoin price to surpass $24,000 in the cryptocurrency exchange market of South Korea.

Ethereum founder believes the days of 1000x crypto market growth are long gone.  Vitalik Buterin | Source: TechCrunch/Flickr

Buterin stated that based on the current valuation of the market, it is not realistic to expect the valuation of the crypto market to increase from $200 billion to $200 trillion, which is equivalent to 70 percent of today’s global wealth, as that assumes cryptocurrencies would take over reserve currencies and operate as the world’s primary method of payment.

Still, CZ argued that the cryptocurrency market can still “absolutely” grow by a thousand fold in the long-term, as major cryptocurrenc...

Continue on ccn.com
Recent news
BTC -1.03% · asiacryptotoday.com · 4h

Belarus Allows to Buy Stocks Using Bitcoin

History was made this week as the nation of Belarus took a large step towards the overall acceptance and utilization of cryptocurrency, with the launch of a trading platform which allows customers to ...