Binance CEO responds to Novogratz’s criticism of BIS General Manager’s views on CBDCs and cryptocurrencies
Changpeng “CZ” Zhao, CEO of Binance, recently expressed his opinion on a Twitter post made by Mike Novogratz, CEO of Galaxy Investment Partners, who commented on the remarks made by Agustín Carstens, General Manager of the Bank for International Settlements (BIS), that “central bank digital currencies (CBDCs) will ultimately prevail over cryptocurrencies, and that technology is not designed to control money.”
In response to Novogratz’s comment that Carstens has a stubborn viewpoint that does not align with reality, CZ stated that “this is not a fight, technology does not need to fight anyone. If you like it, use it. If you don’t like it, don’t use it. That’s all.” CZ added that more and more people will continue to use cryptocurrencies.
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
The devaluation of fiat currency is not a new phenomenon, as fiat currency can be endlessly produced and has no limited supply, which can eventually lead to inflation. Bitcoin was designed to address the issue of inflation faced by many countries, as the number of bitcoins in circulation is limited and cannot be produced indefinitely, making its value more stable compared to fiat currency.
Furthermore, Bitcoin offers the convenience of cross-border transactions without the need for currency conversion, as it is not controlled by any individual or group, making it a decentralized digital currency. This has led to Bitcoin being referred to as a “digital gold” that can store value.
While the emergence of various cryptocurrencies has followed the creation of Bitcoin, none have yet been able to replace it. However, the cryptocurrency market is constantly evolving, and new technologies and cryptocurrencies may emerge that can challenge Bitcoin’s position in the future.
In a recent report by AZCoin News, Agustin Carstens, the General Manager of the BIS, has reportedly stated his view that digital currency is not a suitable replacement for fiat currency. Carstens expressed this opinion during an interview with Bloomberg TV, where he argued that technology could not be fully trusted as a reliable medium of exchange. Despite this, Carstens did express his support for Central Bank Digital Currencies (CBDCs) during a recent address he gave in Singapore.
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