Bitcoin is here to stay even as new technologies emerge, according to the founder of Bybit
The creator of Bybit, Ben Zhou, has said that the exchange is making an effort to teach those who are new to cryptocurrency.
At the Monaco Grand Prix, Cointelegraph’s editor-in-chief Kristina Cornèr sat down with Bybit’s founder Ben Zhou to talk about the importance of mentoring newcomers to the crypto space, the fallout from the Terra (LUNA) saga (now known as Luna Classic; LUNC), and the future of Bitcoin (BTC) in light of technological advances.
Zhou claims that the company’s association with Red Bull Racing has helped them attract new crypto investors. As a result, the Bybit founder said that the company has been devoting some resources to the academic sector. Education is just one component. We try to explain to people how and why crypto is important,” Zhou stated.
The two discussed how the recent Terra collapse has impacted the interest of institutional investors’ trust in cryptocurrency in addition to educating newcomers. According to Zhou, the Terra disaster is a possible outcome for every emerging sector. To which he added:
This collapse of LUNA was not the first of its sort that we have seen. Eventually, I believe we can all forget about it.
Zhou said that although the future is unknown, he remains “bullish,” when asked whether Bitcoin would be the major crypto in the field in the next years as innovations like nonfungible tokens (NFTs), decentralised finance (DeFi), and the Metaverse become more developed. To elaborate, he said:
In my opinion, Bitcoin is not going anywhere. Bitcoin is a means through which I may save money. You could compare it to gold, right? […] You can’t deny the pressing need of doing so.
Another reason Zhou supports crypto is that it helps to balance the power dynamic. According to Bybit’s creator, “crypto is actually a revolution for the financial system.” Zhou said that although a small elite controls conventional banking, cryptocurrency returns agency to the masses.
Bybit introduced cryptocurrency option trading in April, allowing users to buy and sell USD Coin options and perpetual (USDC). The stock exchange claims the adjustment was made to attract more institutional investors.