According to Zhao, adopting cryptocurrencies will allow banks to offer various financial products while remaining centralized. Despite many real and life-saving applications, he believes that current versions of the Metaverse do not show their full potential yet.
Changpeng Zhao, the CEO of Binance, recently explained his view about the banking system and its need to adopt cryptocurrencies. The Chinese-Canadian business executive said traditional financial institutions must accept crypto assets as a payment and savings method to survive.
According to Zhao, that will allow banks to offer a greater variety of financial products while remaining centralized. Besides, he considers that many educational spaces on cryptocurrencies and Web3 are still necessary among users, legislators, and regulators.
The CEO of Binance cited the example of the government of Portugal, which educates citizens about cryptocurrencies through free available information. He highlighted the need to teach people about the subject in universities and offer specialized courses to adopt cryptocurrencies and Web3 globally.
Changpeng Zhao Gives His Opinion about the Metaverse
Regarding the Metaverse, Changpeng Zhao commented that it is still at its initial stages. He said that this virtual-reality world has the potential to allow doing many different things, such as health consultations. In that regard, he thinks patients can talk to doctors about any allergies or conditions more confidently.
Zhao believes that the development of the Metaverse is still underway, as current versions do not show what it might become. He pointed out that technology companies must accept the Metaverse and virtual reality while traditional banks adopt cryptocurrencies.
According to Zhao, nobody knows the full potential of the Metaverse yet despite its many real life-saving applications.
Zhao Talks about How Binance and the Global Economy
Although many think Changpeng Zhao can help them solve their problems, he denies it. He considers himself an unhelpful resource as he has little time and is a dedicated developer.
In addition, Zhao explained communication mechanisms like Binance Academy and Binance Labs are essential for his community. He said they have allowed entrepreneurs to receive support and funds from his company.
Regarding how he would react if the global economy collapsed, the CEO of Binance noted they have no established plan. He explained that he cared much more about dynamism and the ability to solve problems. However, he highlighted that his company contemplates hypothetical scenarios like a global collapse of the traditional economy.
Finally, Zhao commented that the more people use this new technology, the more they insulate themselves from other risks. He thinks cryptocurrencies could become a lifesaver for many in a global collapse scenario. In countries like Venezuela and Argentina, various situations forced citizens to turn to adopt cryptocurrencies rapidly.
Cryptocurrencies like Bitcoin have become a crucial part of the economy, which experts like Changpeng Zhao know very well. The above comments exemplify what many people think about the potential crypto assets and blockchain technology.
Meanwhile, Bitcoin is trading at around USD 19,755 and has accumulated a 1.8% loss over the past week. While its daily trading volume is above USD 29.842 billion, its market capitalization is about USD 378.35 billion, according to CoinGecko.
By Alexander Salazar
