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Here’s what CZ thinks will drive crypto adoption in 2023

Published

2 years ago

January 13, 2023

Looking into 2023, CoinMarketCap asked CZ, founder and CEO of Binance, about the key element that will drive adoption in the new year. In response, he explained that the crypto industry has grown bigger compared to where it was years ago. And that it’s hard to perfectly predict what will happen next.

“At the beginning of 2017, I would not have said ICOs. At the beginning of 2020, I would not have said DeFi. At the beginning of 2021, I would not have said NFTs,” the CEO highlighted. Also looking back to 2022, the industry had the metaverse, GameFi, DeFi, loans and NFTs. While 2017 was the year of the ICO boom, several ICOs crashed. “In 2013/2014, it was just the Bitcoin industry; only Mt. Gox went down,” he said.

Usable products will drive adoption

Furthermore, CZ explained that the more better products that people use are built, the larger the industry. He cited an example where instead of worrying about the internet, users of the internet only focus on using applications that other people use.

“It’s a similar thing in crypto with DeFi, CeFi, wallets, faster blockchains, education andregulatory improvements,” he added. CZ believes that to drive adoption in the crypto industry, products have a greater influence than any other factor. While other aspects such as regulatory clarity are important, “at the end of the day, it’s products,” he said.

The role of entrepreneurs and innovation

Another factor he mentioned that will impact adoption is the entrepreneurs that build the products being used in the crypto industry. “Whichever person or team builds a very sticky product, a very viral product, then that sector just drives a lot more users,” CZ quipped.

Adoption will accelerate when new use cases of the crypto and blockchain technology are discovered and released into the market. This will take imagination and innovation, CZ noted.