Changpeng Zhao, CEO of Binance, responded to Bank for International Settlements (BIS) Chief Agustín Carsten’s sharp criticism of cryptocurrencies on Wednesday.
What Happened: In an interview with Bloomberg, Carsten said that fiat currencies “won the battle” against cryptocurrencies and that “technology doesn’t make for trusted money.”
Zhao responded to the criticism by saying that “It's not a battle. Technology doesn't fight with anyone. You use it if you like, and don't use it if you don't like it. That's all.”
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
Why It Matters: Mike Novogratz, CEO of Galaxy Digital, said that over the last decade, many fiat currencies have depreciated by more than 50%. “I think Carstens has held a stubborn view that just doesn’t hold up to the facts,” he said.
Novogratz added, “Bitcoin BTC/USD and Ethereum ETH/USD have appreciated a ton," commanding the trust of over “200 million people.”
Price Action: At the time of writing, BTC was trading at $24,484 up 1.70%, and ETH at $1,669, up $1.68% in the last 24 hours, according to Benzinga Pro.
Read Next: Bitcoin, Ethereum, Dogecoin Slide After Mixed Fed Minutes: Analyst Says China Won't 'Fuel Coming Cycle'
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