After the commencement of Binance Blockchain Week in Istanbul on November 8, 2023, CZ, the CEO of Binance, took the stage to discuss the industry’s current state.
A key insight he shared highlighted the significance of Web3 wallets in fostering the widespread adoption of cryptocurrencies.
The CEO emphasized that simplicity and user-friendliness play vital roles in attracting a broader user base to the crypto space.
CZ recognized the necessity of addressing elements such as security and inheritance within the realm of crypto wallets for the industry to realize its full potential.
To tackle this challenge, Binance introduced a Web3 wallet, designed to streamline users’ entry into the industry. The Web3 wallet self-custody infrastructure seamlessly integrates with the existing Binance app.
Bitcoin Halving
Furthermore, CZ spoke about the upcoming Bitcoin halving which is expected to affect the entire crypto market because of the significance Bitcoin has in the industry.
He warned that users should not be driven by FOMO and advocated for careful navigation of the approaching bull market.
He maintains that the doubling of Bitcoin’s value is not guaranteed, urging users to approach their investment decisions with caution.
Speculations are circulating about Bitcoin possibly reaching $130,000 or even higher. However, it’s worth noting that Bitcoin surpassed the $34,000 mark at some point between July 2022 and the first week of November 2023.
While praising the strong presence of crypto in Turkey and the resilience of the WEb3 community in the country, CZ acknowledged the significant challenges faced by the crypto industry, particularly after the events involving FTX, 3 Arrows, and Luna in May.
These challenges encompassed financial losses, a dent in crypto’s reputation, and heightened scrutiny of Bitcoin prices. Despite these hurdles, CZ expressed optimism for 2023 as a year of recovery for the industry.
Binance’s active collaboration with retail customers and regulators stands out as a noteworthy effort in the ongoing process of rebuilding trust.
