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Cryptocurrency

“Brazil is a hot country for cryptocurrencies”, says CEO of Binance

Changpeng Zhao

In an interview with Exame, the CEO of the world’s largest bitcoin broker said that Brazil has great potential for the crypto market and gave compelling reasons to expect a 1,000-fold growth in the global cryptocurrency ecosystem.

In the series “Future of Money” conducted by Exame magazine, Changpeng Zhao – Binance’s CEO – gave his opinion on the international and Brazilian cryptocurrency market.

When analyzing the world scenario, the entrepreneur stated that Asian markets are ahead in the institutionalization of investments in bitcoin and other digital assets.

But Zhao did not detract from the importance of Latin America and the main one in Brazil as the main country in the region and a major hub for crypto assets.

“I believe that Brazil is a key market for us. It is the largest market in Latin America and is also one of the hottest places for crypts. I see a good relative adoption of Brazilians to cryptocurrencies. So we really want to increase our presence and make our product more local ”

A 2017 study showed that there are more than 1 million investors registered on national exchanges, almost the same number of investors on the São Paulo Stock Exchange at the same time. Perhaps the history of mistrust of the state currency from the times of hyperinflation has made many Brazilians invest in bitcoin.

Bitcoin ecosystem can grow more than 1,000 times

At the end of the interview, Changpeng was asked what the future price of bitcoin will be. He declined to respond, but said he sees great potential in the ecosystem.

“I think that cryptocurrencies now have only 0.1% penetration in the world, only 1 person in 1000 has crypto. Just covering that, getting everyone to have just a little bit of crypto, we’ll have a 1,000-fold growth. ”

And he added:

“And even today, cryptocurrencies present only a small portion of the assets of those who hold them, so if we cover only the role of fiat coins, we have more than 1000 times in growth.

However, he made it clear that we cannot use the traditional market perspective to measure the potential of something so innovative.

“If we measure Uber’s market potential, we can’t use taxis as Uber can do so much more. And cryptocurrencies can do much more than fiat coins. So, if we combine these three factors … I am generally very optimistic in this market. ”

Binance arrives strong in Brazil

In 2020 Binance entered Brazil once and for all by hiring former Foxbit Mayra Siqueira to lead the company’s marketing and relations area. In a short time, the broker managed to grab 4.62% of the market surpassing old brokers like Braziliex and often even Bitcoin To You.

The broker has partnered with several companies to facilitate integration into the national market.

See too: cBRL launches token in Binance Smart Chain

Watch the full video:

(embed) https://www.youtube.com/watch?v=TDEpQd0GXpw (/ embed)

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