Binance founder CZ discussed his long-term faith in Bitcoin, the potential of blockchain, and the future of AI Crypto at the Token2049 conference held in Dubai on May 3. He also pointed out that what is most lacking in the startup circle right now is 'executive leaders with a sense of mission.' In the end, he emphasized that he has always been optimistic about the development of blockchain, regardless of bull or bear markets.
The market is hard to predict, but in the long run, we are still in the early stages.
CZ expressed that regardless of the crypto winter in 2019 or the volatility in 2022 and 2023, he has always been bullish.
He believes that although the market generally shows a 'four-year cycle,' no one can accurately judge whether this round will be long or short. However, if viewed over ten years, it is still early, not just for Bitcoin but also for Ethereum.
"Many people talk about various coins, but honestly, very few can long-term outperform Bitcoin, and they all start from very small market caps," he emphasized.
ETF funds are pushing up Bitcoin, but institutional migration will still take time.
He pointed out that the biggest momentum of this bull market comes from 'ETF fund inflow,' and these funds are basically all flowing into Bitcoin, resulting in relatively smaller increases for Ethereum and other altcoins.
"As long as the money enters the crypto space, it will eventually spread out," CZ emphasized.
The pace at which institutions shift from Bitcoin (BTC) to Ethereum and other assets is usually slower, but the direction will be consistent.
Local regulations and infrastructure limit globalization efficiency.
When discussing regulation, CZ candidly stated that many governments are still obsessed with 'localization' solutions, including:
Custody
Order book
Operating team
But he reminded that this is very inefficient, especially since cold wallet designs require global decentralization with trusted personnel signing, which cannot be replicated in every country.
"It's already hard for us to set up a globally secure custody solution, let alone set up 200 of them," CZ said with a wry smile.
Countries are gradually entering the market, with the United States and Bhutan holding currency reserves.
Interestingly, he revealed that Bhutan, some developing countries, and the United States have actually included Bitcoin in their national asset reserves.
Bhutan even started using clean energy for mining several years ago and has now increased its holdings of Ethereum (ETH) and BNB.
CZ emphasized, "Once major countries start hoarding currencies, smaller countries are forced to follow because the later you enter, the higher the cost."
(Bhutan has become the fourth largest holder of BTC globally, driven by Bitcoin mining funded by the central bank.)
Calls on small countries to use third-party custody first, while larger countries build their own cold wallets.
CZ revealed that he is assisting several countries in designing 'cryptocurrency strategic reserves' and providing practical advice.
"Countries with fewer assets can first use multi-signature third-party custody, and when the reserve amount reaches a certain scale, then build their own cold wallets to avoid excessive risk," CZ emphasized.
(Binance CZ becomes a blockchain advisor for Kyrgyzstan! From gold-backed stablecoins to agricultural chains, competing to be the Web3 innovation hub in Central Asia)
Claims that startup fundraising is too easy, and the sense of mission is becoming increasingly rare.
He lamented that fundraising is too easy now; from ICOs to NFTs and meme coins, as long as there is a picture and a story, it can be listed, which has caused some project leaders to 'relax as soon as they get the money.'
"What we lack is not money, but founders with a sense of mission, execution ability, and perseverance," CZ emphasized.
The real application of blockchain has not yet begun; land registration and identity verification are the breakthroughs.
Besides financial uses, he believes that truly non-financial blockchain applications should focus on the following aspects:
Land ownership registration
Digital identity verification
For example, in places like Africa or Japan, land registration still relies on paper documents, which are difficult to remedy if lost; this is a problem that blockchain can solve.
The integration of AI and blockchain has just begun; data sovereignty is key.
When discussing AI, he believes the next phase focuses on 'AI using cryptocurrency' because AI cannot use credit cards or receive SMS verification; its settlement method can only be cryptocurrency.
"The currency of AI will be cryptocurrency, and AI requires massive data for training. If this data is extracted through blockchain, privacy and sovereignty can be preserved," he stated.
The market may be off balance, but the trend will not change; blockchain and AI are the future.
Finally, CZ admitted that there have been many incorrect predictions in the past, such as underestimating the influence of stablecoins and not anticipating the popularity of meme coins. But he emphasized:
"In the short term, I never predict market trends, but the long-term direction is clear. And AI and blockchain will definitely become key technologies in the future."
This article discusses whether AI Crypto will become the next hot topic? Binance CZ: Land registration and identity verification become the breakthrough points for blockchain and first appeared in Chain News ABMedia.
