The boss of the world’s largest cryptocurrency exchange expects crypto to grow by more than a thousand times in the coming years.
Chinese-Canadian businessman Changpeng Zhao is the founder and CEO of Binance and a former future trading software developer who worked for the likes of the Tokyo Stock Exchange and Bloomberg before moving into blockchain development.
He only launched Binance last year after raising $15 million from an initial coin offering. In May of this year his fortune was estimated at a whopping $1.39bn from an almost standing start.
Responding to comments from Ethereum co-creator Vitalik Buterin that it is unrealistic to expect the price of cryptocurrencies to see 1,000-fold gains in the future, he said: “I still disagree with this.
“I say crypto will absolutely grow 1000x and more. Just reaching the US Dollar market cap will give it close to 1000x – that’s just one currency with severely restricted use case – and the derivatives market is so much bigger.”
He added: “You also can’t use traditional market size to measure potential for new technologies or industries. If you used – and people have – taxi market size to estimate Uber’s potential, you would be off by quite a bit.”
Buterin stated recently: “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.”