CZ made some interesting comments about the future of the crypto market at the Binance meeting in Athens on Friday.

The Binance CEO compared the evolution of the crypto ecosystem to that of the internet over the past few decades.

He said that when he entered the market, it was not about any particular crypto but rather about the new technology of money.

CZ said that Binance is not really focused on making profits but is leaning towards sustainable growth.

On the question of whether Bitcoin (BTC) will reach $1 million, he said:

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Anything can happen.

added:

The potential size of a new market is not comparable to the size of the existing market.

The CEO of Binance expects the cryptocurrency market to recover in 2023 after the negative events that occurred in 2022.

He said the industry is now much healthier compared to last year.

Comparison between FTX collapse and Luna collapse:

Binance CEO said FTX management lied about not taking users’ money, saying FTX was some kind of Ponzi scheme.

He said that all industries have ups and downs in the early stage.

He explained that all new industries have successful and failed projects.

On the other hand, “CZ” said that the Terra Luna project was poorly managed similar to the “Lehman Brothers” bank.

How long will the bear market last?

Speaking about the current situation of cryptocurrencies, CZ said that the cryptocurrency bear market could continue for a longer period based on the market history.

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He added:

We just passed the one year mark during the bear market.

When asked how far the market is from mass adoption, he says there are two components to his assessment.

He added that mass adoption will depend on the growth at which more people start holding cryptocurrencies along with having the share of cryptocurrencies in the net worth of these individuals.

CZ predicted that over the coming years, cryptocurrency adoption could see a pattern of exponential increase.

He told that slower growth would be better given regulatory resistance and fear.

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He said that smoother crypto-licensing approvals are not necessarily a prerequisite for faster crypto adoption.

CZ took the example of Venezuela, where licensing is not liberal but adoption is very high.

He suggested that governments consider working on regulation as there is no moratorium on adoption.

Speaking of institutional adoption, he said that in five to ten years, El Salvador will be in great shape with regards to its bitcoin holdings.

He pointed out that the holdings may not have much meaning at current prices, but they will be of great value in the future.

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