ZHAO VS BUTERIN
On crypto growth potential
Binance’s CEO, Changpeng Zhao disagrees with Ethereum’s co-founder Vitalik Buterin, saying "1000x" crypto growth is possible, no doubt.
Buterin commented in a recent post that crypto prices cannot go as high as 1000x their current level. However Zhao confidently reacted that it could easily happen because of the huge potential in the derivatives market.
Zhao predicted that “crypto will absolutely grow 1000x and more.”
@cz_binance: ” I will say "crypto will absolutely grow 1000x and more!" Just reaching USD 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.”
@VitalikButerin: ”To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto.”
As CryptoGlobe reported, Buterin claimed that “the blockchain space is getting to the point where there’s a ceiling in sight...there isn’t an opportunity in for yet another 1,000 times growth in anything in this space anymore.”
A few days later, he specified what he meant, saying there would no longer be dramatic, exponential crypto price rallies. He still believes that there is room for growth and adoption for crypto-currencies and the blockchain technology.
This is not the very first time that these two well-known figures of the crypto sphere have argued. Zhao and Buterin have had their conflicting views on certain topics for some time. In July, Buterin criticized trading platforms, saying: ”I definitely hope centralized exchanges go burn in hell as much as possible.”
Zhao responded: ”Let’s not wish others to ‘burn in hell’. Let’s have a bigger heart, and appreciate the fact that we are part of an ecosystem.”
In his response, he explained that it was not realistic to think that an entirely decentralized crypto industry could be created. He added that the crypto world actually benefits from a certain level of centralization, regarding some of the services offered by exchanges.
Zhao said “there is no absolute decentralization” and that the increasing liquidity of digital assets is supported by centralized crypto exchanges. Without exchanges like Binance, he believes, the crypto ecosystem would have become less significant to date.