- What CZ got wrong
- Crypto as the currency for AI
Changpeng Zhao, former chief executive officer at cryptocurrency exchange Binance, has opined that crypto is still early during a recent conversation with Real Vision founder Raoul Pal.
During his interview, he opined that nation-level Bitcoin adoption is only starting to kick off since only a handful of countries are talking to him.
So far, the rally has been driven primarily by exchange-traded funds, according to Zhao.
“It’s very hard to time the market. So far, the markets go on four-year cycles. Uh, but it’s very hard to tell, like, know if this one is going to be short—shorter or longer,” he noted.
What CZ got wrong
Notably, Binance did not expect to experience such tremendous growth within such a short period of time, but CZ has noted that the industry changes quickly.
“We got a lot of things wrong… We didn’t expect the growth we had,” he said.
CZ has admitted that he did not expect stablecoins and meme cryptocurrencies to become that big.
The former Binance boss is certain that blockchain and AI are easy to predict in the long term.
“I don’t predict industries, but the long term is easy to predict. Blockchain is going to be really really important. AI is going to be really really important,” he said.
Crypto as the currency for AI
During the interview, CZ also predicted that AI would be able to generate 10 times more tokens than humans.
“AI needs a lot of data to train… that data should be captured on the blockchain in a privacy-preserving way,” he said.
CZ has noted that AI will be transacting with other AIs, and the only way to make that payment is crypto.
“We may not be the profit drivers anymore. Economic engines will come from the AIs,” he said.
