CZ comments on FTX collapse: CZ made some interesting comments at Friday’s Binance meet-up Athens about the future of crypto. Binance CEO CZ compared the growth of the crypto ecosystem to the internet’s development over the past few decades. He stated that it wasn’t about any one crypto when he first entered the market but rather about the new technology for money.
CZ stated that Binance isn’t really focused on making a profit, but rather on sustainable growth. He said that Bitcoin (BTC), which is expected to hit $1 million in value, is not a profit-oriented company but is more interested in sustainable growth. After the events of 2022, Binance CEO John O’Neill expects a recovery in crypto markets in 2023. He stated that the industry is healthier than it was a year ago.
‘FTX meltdown is different from Luna Collapse’
Binance CEO, Michael O’Neill, claimed that FTX management lied about not accepting user money and called it a Ponzi scheme. He explained that all industries experience ups and downs during the early stages. He explained that all new industries have both successful and unsuccessful projects. CZ stated that Terra Luna was mismanaged in a similar fashion to the Lehman brothers. CZ was speaking at a fireside chat at Binance Meet-up Athens 2022.
“The Terra Luna project was mismanaged, much like the Lehman Brothers. After the collapse of Terra Luna, the founders didn’t walk away with a lot of money. It collapsed like a series of events that created a domino effect.
How long will the bear market last?
CZ spoke out about the current state crypto. He stated that there is no reason for market sentiment in a mass-market environment like crypto. CZ said that the crypto bear markets could continue for longer periods based on market history. “We are just past the one year mark in the bear run.” He said that there are two components to assess the market’s progress towards mass adoption. He said that mass adoption will depend on how many people start to hold crypto and the percentage of crypto in their net worth.
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CZ predicted that crypto adoption would see an exponential growth over the next few years. He felt slower growth was better, given the regulatory resistance and fear.
“Crypto is disruptive and powerful so we might want to grow a little slower.”

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He stated that faster adoption of crypto is not dependent on smoother approvals for crypto licenses. CZ used Venezuela as an example, where licensing is not as liberal but adoption is very high. He suggested that governments should work to regulate adoption as there is no stopping it. El Salvador will be in a strong position in five to ten year’s time with regard to its Bitcoin holdings, according to him. While the current prices might not make sense, he said that holdings will be very valuable in the future.

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