CEO of Bybit argues that macro developments in the crypto business are nothing to worry
The volatility of the cryptocurrency business is one of the reasons why some major companies and governments are still wary of digital assets. However, one crypto executive is extremely enthusiastic about the market, which he thinks will prevail despite the current macro trends.
Ben Zhou, co-founder and CEO of crypto exchange Bybit, told members at a TOKEN2049 event in Singapore on September 30 that the current uncertainty in the industry represents a big opportunity for his firm since it was “formed in a bad market.”
Zhou said that Bybit was designed differently than conventional exchanges in light of the present adverse economic climate, in which crypto exchanges and the sector as a whole will operate.
He also likened the cryptocurrency industry to conventional finance, stating: “We are optimistic. For us, the macro trends provide little cause for concern. Increasing inflation and interest rates, the creation of large amounts of fiat money, and poor or no growth exemplify the inadequacy of conventional finance.”
As reported by Finbold, a record number of investors have abandoned euros and pounds in Favour of Bitcoin and Ethereum (ETH), providing Zhou with various reasons to be optimistic about the future of the cryptocurrency sector.
In addition, conventional financial institutions are progressively incorporating crypto goods as part of their operations, such as the biggest bank in Singapore, which recently extended its crypto trading services and products to accommodate an extra 100,000 customers with a $500 minimum investment.
Lastly, retail and billionaire investors are also bullish on cryptocurrencies, notably Stanley Druckenmiller, who has argued that scepticism in central banks about inflation control might usher in a “renaissance” for cryptocurrencies.