Changpeng Zhao, the founder of the world's biggest cryptocurrency exchange, Binance, said Monday that Bitcoin BTC/USD would transition from a speculative investment to a utility asset over the next decade.
What Happened: During the Bitcoin MENA Conference in Abu Dhabi, Zhao, popularly known as CZ, expressed confidence that the public opinion of the coin would eventually shift from price and $100,000 milestones to something with tangible use cases.
“I think it’s a future of money, so it should be used as a utility. Later on, we shouldn’t be calling it Bitcoin; it’s just money,” CZ remarked.
He expected that with more nation-states adding Bitcoin to their reserves, the price of the asset would increase mathematically, potentially leading to the emergence of new uses.
See Also: Ross Gerber Has A Word Of Advice For Individual Investors: Don’t Buy Any Crypto Other Than Bitcoin
CZ declined to provide a precise price prediction but did say that the leading cryptocurrency may “go to the moon” in the next decade and a half. “I feel there’s no limit really.”
Why It Matters: Bitcoin has been on a tear since Donald Trump’s presidential victory last month, and thanks to major policy pronouncements such as the appointments of cryptocurrency-friendly individuals to positions of power, the coin recently breached the $100,000 milestone.
In fact, the surge in prices gave CZ a major boost in his wealth after a year filled with legal troubles and a stint in prison.
The former Binance CEO served a four-month prison sentence for anti-money laundering violations. He paid a $50 million fine and resigned from the company’s top role last year, bringing the multiyear probe to an end.
CZ's imprisonment made headlines as he was one of the wealthiest individuals to ever serve time in a U.S. federal prison.
Image via Flickr/ Web Summit
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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