Binance CEO: ‘Bitcoin is more stable than Tesla and Apple’

The Binance CEO said there is a perception around BTC but tech stocks are more volatile

Changpeng Zhao, CEO of Binance, speaking at the Delta Summit in October 2018                                 
Changpeng Zhao, CEO of Binance, has spoken up for the superior stability of bitcoin compared to Tesla or Apple – Photo: Alamy
                                

Changpeng Zhao, founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, has said that bitcoin (BTC) is more stable than both Tesla and Apple.  

He made the comments at the Financial Times Crypto and Digital Assets Summit on 26 April. The Binance CEO explained that when you look at the data, the lead crypto is more stable than US electric vehicle manufacturer Tesla and multinational tech company Apple.

Zhao said there is a perception around BTC and gave the example of tech stocks in general being “more volatile than BTC” – especially Chinese tech stocks, which Zhao said “many of them drop by 90%”.  

Bahrain, Dubai and Abu Dhabi

Recently, Binance has received regulatory approval from Bahrain, Dubai and Abu Dhabi.

The crypto exchange has received in-principle approval (IPA) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Markets (ADGM), a virtual asset licence from Dubai’s financial authorities and a crypto asset service provider licence from the Central Bank of Bahrain (CBB).

When asked about the regulatory approval Binance has been granted from this part of the world, Zhao said the Arab states’ leaders in the Persian Gulf are “great”.

The Binance CEO detailed how the area wants to attract new business to the region as it is moving away from oil because it is forecast that oil can last for only another 50 years.   

G7 European country

As Zhao listed the areas where Binance has become a licenced entity, he said “very soon” the company will be setting up a licenced entity in a G7 European country.

The CEO explained that when Binance first started, they wanted to embrace the decentralised philosophy of no offices and no headquarters as none of these are “needed if you want to run a pure crypto exchange”. However, as soon as you want to receive licences “you have to have the traditional structures” which Binance now has.     

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