CEO Binance: Sooner or later there will be a bull run

Changpeng Zhao (CZ) – CEO of major cryptocurrency exchange Binance, announced that the current financial system has collapsed and Bitcoin (BTC) will soon become the alternative.

In A new post, CZ analyzes corporate culture where CEOs are trained to accelerate short-term performance. Instead of saving cash to build a reasonable balance sheet and survive the crisis, management levels are being rewarded with stocks.

However, Zhao says it is not all the fault of the CEO, but the current system that encourages them to maximize shareholder value with the benefit of millions of dollars. So when an unexpected crisis hit like Covid 19, many companies ran out of cash and struggled to survive. However, there is another plan for lowering the crisis, that is, waiting for the government to print money and launch bailouts.

“When printing more money, taxpayers seem to have been robbed (becoming poorer) indirectly, but they didn't complain much. Unlike if a bank like Lehman went bankrupt, then everyone would know exactly who was to blame, which CEO / manager / politician made a mistake, etc. If people print money, everyone can keep up and be happy, except for the small investors who have become poorer. But because they aren't aware of that, right? So ‘The Earth is still spinning.’

In the long run, the large amount of money printing and government saving policies is the main reason that CZ is confident in the role of cryptocurrencies.

“With cryptocurrencies, it's completely different. There was no relief and at least no money printed. ”

However, the director of the famous exchange said that investors would not automatically switch to Bitcoin immediately, although they realized that the current system was almost out of date.

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In the end, CZ believed that the current monetary system (the fiat money system) had collapsed and that Bitcoin could fix this. We don't hate players but we don't accept this game.

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According to Coin68 / DailyHodl
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