Since the birth of Bitcoin Profit eleven years ago, the crypto world has grown into a veritable network of companies, people and virtual currencies. They interact with each other on a daily basis, cooperating and competing. However, for Binance’s founder, Changpeng Zhao, this would not be enough. So, Zhao believes that exchanges must change their mentality, in order to expand and reach their true potential.
Changpeng Zhao predicts global hyperinflation
The expansion of crypto world
Few could have imagined just a decade ago that today several of the world’s most important companies, valued in millions of dollars, would be part of the crypto market. Much less that, as a result of investments in Bitcoin, a true litter of crypto millionaires would emerge. After the big rally in 2017 boosted the price of BTC to nearly $20,000.
Thus, today companies such as Huobi, Binance, or Coinbase exchanges are familiar to all of us who participate in cryptology, and even to many people outside of it. This, in the end, has strongly increased the capacities of the cryptomonies.
In recent years, we have witnessed the emergence of many new products and applications involving cryptomonies and their exchanges.
From the development of products such as smart contracts and decentralized applications, to more innovative developments such as crypto games, and strategic alliances between traditional financial companies and organizations in the crypto world.
However, this would not be enough for Binance founder and CEO Changpeng Zhao. Who in a recent interview with CoinTelegraph, would have stated that exchanges must change their mentality, if they are serious about achieving success on a global level:
„First, I’d say you need a global mindset. Many cryptomontage exchanges claim to be global exchanges, but if you look more closely, they are focused on one region, usually where most of your team comes from. Their products are only available in one or two languages, their customer service is only available in one or two languages, and they only organize offline events in their region. As a result, most of its users are from that region as well.
With these words, Changpeng Zhao criticizes what he considers the regionalism of some companies. A phenomenon that is often observed in exchanges on the Asian continent. Which, despite being available worldwide, are concentrated in their home market.
For Changpeng Zhao, this would be a mistake in the approach of these exchanges. For these companies to be successful, Zhao believes, they must have a global strategy. Even going so far as to criticize the fact that there are CEOs of crypto currency exchanges who have not lived in several regions of the world. This would limit their knowledge of the world market. Which is why this criticism of exchanges becomes our Tip of the Day here at CryptoTrend.