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Binance CEO: ‘We’re Still at the Beginning of the Beginning’ of Bitcoin Revolution

Last Updated March 4, 2021 2:53 PM
Samantha Chang
Last Updated March 4, 2021 2:53 PM

Bitcoin billionaire Changpeng Zhao has an encouraging message for crypto fans who fear they missed the boat on the cryptocurrency bandwagon: The bitcoin revolution is still “at the beginning of the beginning,” so you haven’t missed anything yet.

Zhao ― the founder of cryptocurrency exchange Binance ― was responding to a Twitter user who says he wishes he had jumped on the bandwagon in 2013, when bitcoin was still an obscure technology in its infancy.

In 2013, the bitcoin price fluctuated between $13 and $947. Today, the bitcoin price ― though heavily battered ― hovers at around $3,600.

Changpeng Zhao: You Haven’t Seen Anything Yet

Zhao responded  by telling his Twitter follower that the best is yet to come, and he has not missed the boat.

That’s exactly what I thought back in 2013, “damn, I am too late. I wish I started early like those other guys.” and I will say the same thing I heard back then. We are still early, the beginning of the beginning.”

Erik Voorhees and CZ’s Crypto Bromance

The exchange started after Erik Voorhees ― the CEO of crypto exchange Shapeshift ― complimented Zhao for the phenomenal success Binance has enjoyed in its short history:

One cannot but be impressed and inspired by the incredible success that Binance has achieved over the last 1.5 years. CZ Binance, it’s been awesome watching your ascent, keep up the good building.”

Zhao continued the bitcoin bromance by saying meeting Voorhees in 2013 was a turning point in his career and “a good inspiration.”

CZ Binance bitcoin beginning of the beginning twitter

ShapeShift Laid Off One-Third of Workforce

Erik Voorhees’ ShapeShift is the latest casualty of the harsh Crypto Winter. In January 2019, ShapeShift laid off one-third of its workforce ― comprised of 37 employees ― after getting hammered by the bitcoin crash of 2018.

Voorhees accepted responsibility for the disastrous state of his company, but said taking financial risks is part of his job as a CEO.

As a company, our greatest and worst financial decision is the same: to embrace substantial exposure to crypto assets. Much of our balance sheet is comprised of them. We accept the volatility, we accept the risk…I can lay this mistake at nobody’s feet but my own.”

Despite the protracted market slump, diehard believers like Changpeng Zhao are undeterred in their vision of a dazzling crypto revolution that will disrupt whole industries, including the legacy financial system.

As CCN.com reported, Zhao has no doubt that Binance will still be here in 100 years, because cryptocurrencies are getting just started.

Binance is ready to survive any number of years, no matter if it’s bear or bull…Our aim is much longer than another year. Our aim is 10, 50, 100 years. So we’ll be here for a while…Once I learned about crypto and how bitcoin works, I just understood that’s the future.”

Tim Draper: Future Is Moving In Direction of Crypto

That’s the same exuberant outlook that tech billionaire Tim Draper has about the crypto industry. Draper boldly predicts that crypto will eventually overtake fiat money to make up two-thirds of the world’s total currency value.

It’s going to be better for people,” Draper said. “They’re going to move to crypto, and they’re going to go away from the political currency — they call it fiat. That’s the way it’s going to move.”

Draper is an unapologetic crypto evangelist who stands by his bullish $250,000 bitcoin price target for 2022. Short-term market setbacks do not unnerve him the way they do people with short-term, day-trader mindsets.

You Can’t Stop an Idea Whose Time Has Come

Draper says crypto is a disruptive, game-changing revolution. And, as French novelist Victor Hugo observed, nothing can stop an idea whose has time.

I tend to move my dollars into bitcoin, because why would I want this currency that’s tied to some political force when I have a currency that is going to be frictionless and global? I would much rather have a global currency than one that is sort of tied to a political force.”

Tim Draper said crypto will inevitably weather its share of ups and downs ― like all great inventions do. But the market will relentlessly move forward.

The Internet started in the same way. It came in big waves and then it kind of came crashing down. And then the next wave comes concentrated but much bigger. I suspect the same thing will go on here.”