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Changpeng Zhao, Founder and CEO of Binance, in a recent podcast spoke in favor of a bright future for Bitcoin. The Bitcoin adoption process has already taken off in many parts of the world. But CZ is convinced there is much to come in an increasing divided world.
CZ thinks the US-China economic war and the Russian invasion of Ukraine can help the adoption of Bitcoin. As the U.S dollar is being increasingly used in economic sanctions, more countries are likely breakout from the dollar hegemony. CZ says,
“The world is becoming more divided. When the world becomes more divided, guess what? People will tend to try to use the currency as a tool to enforce sanctions etc. When you do that a lot, people look for a neutral thing to use, which is cryptocurrency.”
While regulations have halted headwinds for Bitcoin adoption in recent months, more regions are looking at state adoption. Prospera in Honduras and Madeira in Portugal are the latest to adopt bitcoin as their de factor legal tender.
Another growth aspect was observed in the recent Bitcoin Miami Conference in early April. There was a turnaround of over 30,000 crypto enthusiasts who attended the three day event.
It was the highest audience ever recorded for a crypto-themed event. This also refers to a growing awareness about blockchain technology and cryptocurrencies in general. Individual adoption is also rising meteorically. A report by Crypto.com said,
“We expect the number of global crypto owners to reach 1 billion by the end of 2022. Global crypto population has increased by +178% in 2021, rising from 106 million in January to 295 million in December.”
Then CZ claims “the limitations (of blockchain) are limitless)”. He is referring to the massive opportunities that are rapidly increasing because of Web 3.0.
The rise of NFTs, smart contract platforms and even the traditional cryptocurrencies have opened many gateways for the development of blockchains. Many countries are now competing to become a crypto hub such as Dubai, UAE, Australia followed by the United States.
It is perhaps true in the case for cryptocurrencies that “With great technology, comes great responsibility”. Sceptics of cryptocurrencies have often used logical arguments when questioning their need in the financial systems.
The environmental damage of Bitcoin mining is a very common criticism used by government officials. The lack of trust of major economic institutions for anything related to “crypto” is a major obstacle.
But is Bitcoin going to be here for the long haul despite these warnings? Definitely seems so.
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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
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