We will see millions of tokens and thousands of blockchains: Binance CEO
Changpeng Zhao (CZ), the founder of the world’s largest cryptocurrency exchange by trading volume, Binance, recently spoke about various topics from imminent return of an $800 billion crypto market to how many tokens and blockchains we’ll get to see in future.
In the interview with Forbes at the inaugural Forbes Asia Forum: Decrypting Blockchain For Business, CZ was asked what when can we expect to see $800 billion market cap again. The presenter also made a comparison with Nasdaq saying that in early 2000s Nasdaq reached a peak and it took nearly 14 years before it came back to the point where it did.
CZ started off by saying that since he runs an exchange, he making any prediction would be considered as a market manipulation and hence cannot say much about it. However, he believes that crypto industry & blockchain technology will stay, adoption will increase with time. Also, he believes that the crypto market is very different Nasdaq since it is huge in terms of volume and market cap. The volatility in the crypto space is higher since the market cap is smaller, CZ explained.
During the interview, CZ was also asked how many stores of value he thinks that the society needs. Binance CEO replied saying, “Personally I think we will see millions of tokens and thousands of blockchains.” He further added that every project doesn’t need a blockchain, especially security tokens.
They just represent shares of a company or something and that doesn’t need a blockchain. He added, “We’re launching Binance Chain very soon in a couple of months or so, where you’ll be able to issue tokens on that.” However, how many stores of value is needed depends on how many of these blockchains actually become successful.
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