Binance's CZ Hits Back At BIS Chief In Fiat Vs Crypto Debate: 'Technology Doesn't Fight With Anyone'

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.” 

It's not a battle. A 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.

But more and more people will use it... Let's see.

— CZ Binance (@cz_binance) February 23, 2023

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.”

I think Carstens has held a stubborn view that just doesn’t hold up to the facts. In the past ten years tons of fiat currencies have depreciated by over 50% He of all people should know this And $BTC and $ETH have appreciated a ton. There are 200mm people that trust $BTC https://t.co/BTN6mblAhG

— Mike Novogratz (@novogratz) February 22, 2023

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'

Photo by Web Summit on Flickr