Binance CEO Issues ‘Existential Warning After Wild Bitcoin, Ethereum And Crypto Price Swings

Bitcoin: btc: and Ethereum and other major cryptocurrencies over the past month as the Biden administration unveiled a game-changing crypto “roadmap.”

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This week, bitcoin prices soared above $24,000 per bitcoin, up 40% to levels not seen since last summer (Goldman Sachs' top asset of 2023 earned it a surprising spot on the asset list).

Now, after the Federal Reserve has dealt a "surprise" blow to bitcoin and cryptocurrency, Binance CEO Changpeng "CZ" Zhao has warned that the Wall Street giants are "behind" in adopting the technology. of crypto companies over the past year. .

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More on Forbes The Fed's Devastating Deals for Bitcoin and Cryptocurrencies After Billy Pembro's Massive Price Hike .

“The impact of many failed crypto projects in the past year. In the short term, it has stunted the growth of the crypto industry. But we are already seeing a recovery,” CZ tweeted.

Bitcoin prices have now recovered from losses when cryptocurrency exchange FTX launched in early November, trading around $21,000. However, prices of Bitcoin, Ethereum, and other major cryptocurrencies remain well below where they traded before the stablecoin ecosystem led to the collapse of cryptocurrency lender Celsius and crypto hedge fund Three Arrows Capital.

CZ said the collapse of these cryptocurrency companies and projects “prevented traditional financial players from adopting the technology and may have pushed them behind the adoption curve, which could have existential consequences for them 10 to 20 years from now.” .

During 2021, as the prices of Bitcoin, Ethereum, and other cryptocurrencies skyrocketed, bringing the market to a total of $3 trillion, many Wall Street giants announced their intentions to provide cryptocurrency services. Only until 2022 to withdraw plans as the cryptocurrency market crashes.

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Billy Bambro's stark prediction of 2023 comes on the heels of Forbes predictions of $3 trillion worth of Bitcoin .

However, some of the largest traditional financial services companies in the world are working on large cryptocurrency and crypto technology projects.

In December, BlackRock CEO Dr the black the black , the world's largest asset manager with nearly $8 trillion in assets under management, which signed a major deal with Coinbase earlier this year, has predicted that blockchain technology for cryptocurrencies will provide the "next generation of markets."

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