Changpeng Zhao (CZ), the founder of the world’s first cryptocurrency exchange, attended Consensus: Singapore and bluntly said that the Chinese government banned cryptocurrency transactions and the first initial coin offer (ICO) last year, which did have a significant impact on the currency security business. He laughed and said that currency exchange can succeed. “We do the right thing at the right time, but in the wrong place.” When the Chinese government closed other Chinese exchanges, it also allowed the currency exchange to attract many customers.
CZ pointed out that the future strategy of the currency security focuses on the global layout and tends to cooperate with some small countries. Since they need to encrypt the money market, it is easier to cooperate compared to big countries because the big countries need to go through many levels, such as banks and regulatory agencies.
He also said that although the centralized “coin-to-coin” exchanges deal with transactions faster, the company will still prepare decentralized exchanges to provide more services to users. The third quarter results of this year’s currency security are estimated to be similar to the second quarter.
Zhao Changpeng indicated that he would not estimate the market outlook, but he believes that Bitcoin has support at the level of $6,000, and he is still optimistic about the long-term trend. He also said that in 2014, he sold his home to invest in Bitcoin, after which Bitcoin’s price dropped from $600 to $200. He said he didn’t sell at the time and it grew significantly.