This is because traditional institutions have reduced their exposure to cryptocurrencies. As a reaction to the 2022 ecosystem collapse, Binance CEO Changpeng “CZ” Zhao believes the move could have a negative impact on traditional financial players.
The collapse of major crypto firms such as FTX and Terraform Labs has diminished trust among investors and forced traditional markets to reevaluate their strategies. While the reluctance of traditional financial players hinders crypto adoption in the short term, CZ argues that the decision could backfire in the next two decades. page
as they really hampered traditional financial players to adopt the technology, and will likely cause them to be further behind on the adoption curve, which may have existential implications for them in 10-20 years time.
— CZ
Binance (@cz_binance) January 27, 2023
According to CZ, in the next 10-20 years traditional financial players who choose to delay crypto adoption will fall behind the adoption curve.
CZ and other crypto entrepreneurs believe that the actions of actor Sam Bankman-Fried How many years has the industry gone backwards? as he said “Regulators rightly will be more scrutinizing the industry. Which should be a good thing.”
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