President Donald Trump said earlier that he was “not a fan of” cryptocurrency, but that doesn’t bother CEO Binance Changpen Zhao (CZ). CZ has even stated that criticism of Bitcoin and Libra by Trump is useful for cryptoindustry.
Trump did not do anything good or bad [for the cryptoindustry], he simply stated that he was not a fan.
The fact that the US president wrote about cryptocurrencies on Twitter is good.
In his series of tweets in early July, Trump said that he was “not a fan of Bitcoins,” also claiming that “this is not money.” He also stated that in the event of the launch of the Libra project, the activities of the FB should be regulated according to banking laws.
Recently, blockchain head of Facebook David Marcus testified at Libra before congressmen who are concerned about the impact of this project on the financial system, which adversely affected the price of BTC.
However, CZ said that even if the US would outlaw cryptocurrencies, which would be the “worst case scenario”, it would not destroy the cryptoindustry.
Cryptocurrencies will survive regardless of how a particular country treats them. Most of those countries that are trying to ban Bitcoins make their citizens want them even more.
Authorities often sound the alarm because of cryptocurrencies, for fear of using them for illegal purposes, such as fraud or money laundering. The industry was shocked by large cyber attacks, and even Binance cryptobirth was not insured against them.
In May, hackers stole 7,000 bitcoins from the Binance exchange, which is more than $ 70 million. The company promised to pay damages to customers “in full,” and kept its word.
Although CZ called this incident a “failure”, he also said that “the situation is completely manageable,” considering the income of Binance itself. In 2018, the company’s profit amounted to about $ 400 million, and CZ said it plans to increase the company’s revenues in 2019.
According to CZ, the incident also demonstrated a “new level of financial transparency,” since Binance is one of the largest cryptocurrency exchanges in the world.
The banks are also hacked, but they do not show their losses. In addition, they happen and fines of billions of dollars, about which they are silent. Cryptocurrency also has more transparency, which is good for users, because they know what’s going on.