Despite the cryptocurrency market’s plunge again, Changpeng Zhao (CZ) founder and CEO of Binance, the largest cryptocurrency exchange by trading volume, reiterated his long-term bullish view of the industry.

CZ insisted that Bitcoin is both an investment and a currency, and that the crypto space will continue to grow despite the recent increased volatility.

The founder of Binance declares what he owns:

In his last interview with CNBCThe CEO of Binance “CZ” explained why he used cryptocurrencies only to buy “burritos,” and before that the conversation began with a quick question about the status of the cryptocurrency Bitcoin and whether it is a currency or an investment.

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CZ replied that cryptocurrencies and fiat currencies are interchangeable.

One can use digital assets to buy things in life and also can use it as a potential investment.

When pressed and the host insisted on stating his opinion on whether crypto was an investment, he replied:

Crypto is not purely an investment, one can use it for purchases because people will not choose to spend something that will rise in the future.

Explaining what his portfolio contains, he added:

I only have cryptocurrencies in my wallet.

It is the only asset I use to purchase.

I will explain:

For me, I don’t have dollars.

All I have is cryptocurrency.

So when I need to spend money, I need to spend some parts of it somewhere.

As for me, I’m completely into crypto so I don’t have to think about selling cryptocurrencies.

Because cryptocurrency is all I own.

He also noted that cryptocurrencies are more suitable than fiat currencies for cross-border payments because they are much cheaper and faster.

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He added that when it comes to donations in particular, crypto has shown itself as a better alternative as it allows the transfer and donation of a small amount, a feature not currently available in the traditional payment system.

Some people trade and some build:

In response to the state of institutional adoption in the crypto space, CZ spoke about some important areas of the industry, including NFT, DeFi,…

He cited irreplaceable symbols as a very important application for artists, allowing them to invest their art in an unprecedented way.

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At the end of the interview, CZ compared the crypto markets to the stock markets, saying:

There are a lot of people trading and taking advantage of the volatility of cryptocurrencies.

This is the same for the stock market.

I see some people are trading and some are building.

Last Wednesday, as we reported on Bitcoin Arabia, the investment arm of Binance Labs raised $500 million to create the first investment fund geared towards the Web 3 ecosystem.

This was the latest move by Binance to support Web 3 companies.

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