Most countries trying to ban Bitcoin cause their citizens want cryptocurrency more: CEO Binance

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July 23, 2019
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The whole idea of the crackdown against cryptocurrency has just got scrapped. As the CEO of the top crypto firm believes that the more you will try to curb cryptos, more you will give them boom to become popular amongst citizens.

Any harsh remarks against cryptocurrency especially Bitcoin eventually result as a good thing for the industry. This is the belief of Changpeng Zhao, CEO of Binance, world’s largest crypto exchange in terms of the trading volume. While giving an interview to CNBC, Zhao said that even though world leaders especially Trump has been critical of the virtual asset industry in his remarks, yet such statements have not done anything (as of yet) that damages the industry. He thinks that the highest echelons of power are giving crypto a positive push. As he stated;

“Cryptocurrency will survive regardless of any one country. Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.”

Meanwhile, Zhao seems happy about the comments of US President Donal Trump who recently said that he is “not a fan of Bitcoin and other Cryptocurrencies, which are not money, […] and based on thin air.” He bashed cryptos due to their potential vulnerability of being used in illegal activities such as drugs trading. Zhao went ahead to tease that even if Trump bans cryptocurrencies in the United States, the asset class will still survive.

“Trump so far has not done anything positive or negative, he’s just said he’s not a fan. The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.”

Moreover, CEO Binance also praised the transparency of cryptocurrency and said that banks’ current system could not only easily get hacked but also lacks transparency. On the other hand, in blockchain-based cryptocurrency setups, there’s more transparency, which is actually good for the users because now they know what’s going on.

He also talked about an incredible idea of dealing with any country’s administration. As he said, ‘first they ignore you, then they laugh at you, then they fight you, then you win.’ We just made it to step 3 y’all.”

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