Changpeng Zhao, the CEO of Binance, one of the largest exchanges in the cryptocurrency market, said that the comments made by Trump about virtual currencies are good for the whole industry. Authorities in the United States have been giving negative comments about the crypto market. He said that during a conversation with CNBC on July 23.
Binance CEO Considers Trump’s Comment Are Good
During this interview with CNBC, Changpeng Zhao gave his opinion about Trump’s recent tweets about virtual currencies, including Libra and Bitcoin (BTC). He mentioned that although Trump’s comments about virtual currencies were negative, he has not taken any damaging decision regarding the market.
Mr. Zhao went on explaining that Bitcoin and digital currencies will continue operating in the market even if Trump imposes an outright ban on the market. Indeed, he considers that countries that want to ban virtual currencies cause citizens to want more digital assets. Virtual currencies tend to work as a store of value, specifically Bitcoin, the largest digital asset.
The CEO of Binance talked about the hack that the exchange he founded experienced a few months ago. He said that although they lost $40 million in Bitcoin (close to 7,000 BTC at that time), traditional financial institutions remain more opaque than many crypto companies regarding such incidents.
On the matter, Changpeng Zhao commented:
“Banks get hacked but they’re not transparent with the numbers. You see billions of dollars in fines for banks. Whereas with cryptocurrency there’s more transparency, which is actually good for the users because now they know what’s going on.”
At the same time, Brian Armstrong, the CEO of Coinbase, another recognized virtual currency exchange in the United States and other jurisdictions, said that he was dreaming about a U.S. president talking about virtual currencies and crypto.
“First they ignore you, then they laugh at you, then they fight you, then you win,” he mentioned just a few minutes before Changpeng Zhao during the same CNBC program.
Trump commented a few days ago that he was not a “fan” of virtual currencies. The U.S. President linked them to illicit activities and commented that many criminals are using them. About Libra, the digital currency announced in June by Facebook, Trump said that if Facebook wants to offer financial services, it would have to follow the regulations that apply to banks and other financial companies.
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