Changpeng Zhao is back on the crypto conference circuit and singing the praises of Bitcoin, months after wrapping up a four-month prison sentence in the U.S.
Binance's co-founder took part in a fireside chat at the Bitcoin Middle East and North Africa conference on Monday in Dubai, and gave a traditionally bullish view on the digital asset's prospects.
"We shouldn't be calling it Bitcoin, it's just money," CZ told the crowd, arguing that its use cases will grow in the years to come.
While the billionaire stopped short of making long-term predictions, he said nation-state adoption will increase BTC's value "mathematically."
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CZ described this development as "fantastic," adding: "It's very smart for the U.S. to be doing this—and this also has a knock-on effect to other countries in the world. If the U.S. is doing this, then every other country will have to do this."
He went on to argue that it is "inevitable" that Hong Kong will follow suit, with China treating the region as a "sandbox" for digital assets.
But the entrepreneur, who was born in China, predicts the country would end up accumulating Bitcoin quietly—rather than publicly announcing its intent to create a stockpile.
Elsewhere in the discussion, CZ estimated that about 5% to 10% of consumers now invest in BTC, meaning it's fast becoming "the most widely held asset in the world."
"We're still before crossing the chasm, which is usually around 20% or so," he added. "In a few years, we will reach more mainstream adoption and reach 50%, 70% of the population."
He confidently predicted that Bitcoin could reach 100% of consumers one day—but admitted this may take a few generations to achieve.
El Salvador to Weaken Bitcoin Law to Help Secure IMF Funding: Report
El Salvador is coming closer to securing a deal with the International Monetary Fund (IMF)—but it has to change some parts of its controversial Bitcoin law in return, according to a newspaper report. The tiny Central American country will secure multi-billion dollar funding as part of a deal with the IMF in the next few weeks, the Financial Times reported Monday, citing people close to the talks. In return, the government will stop forcing businesses to accept Bitcoin, added the newspaper, and...
CZ went on to argue that BTC's market cap "should be way larger than gold," which currently has a total valuation of $17.9 trillion. Reaching such a level would translate into a price of $850,000 for a single Bitcoin.
But his lofty predictions for nation-state adoption had somewhat unfortunate timing.
Hours before his appearance, the FT reported that Bitcoin will no longer be legal tender in El Salvador, as businesses will no longer be required to accept the cryptocurrency as a payment method.
The U-turn is being made so the country can begin to receive billions of dollars in loans from the International Monetary Fund and the World Bank.
Edited by Stacy Elliott.
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