2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year’s highs and lows for crypto.
In the spirit of Charles Dicken’s classic, “A Christmas Carol,” we’ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances.
Zhou: “It won’t be business as usual for centralized exchanges. For one, the days of commingling users and the exchanges’ assets are long gone.”
We are ending our institutional round with Wei Zhou; he worked as Chief Financial Officer for three years at the largest crypto exchange worldwide, Binance. Above the rest, this company and its current CEO, Changpeng “CZ” Zhao, heavily impacted the nascent industry and will continue to exercise influence in the coming years.
Zhou: “Bitcoin, just like the Internet, will survive any storm that comes its way; this I have no inkling of doubt about.”
Zhou reviews the biggest moment in 2022 from his unique perspective. In addition, he talks about the fundamentals that will keep crypto alive and on track to fulfill its destiny. This is what he told us:
Q: What’s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today’s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid?
A: The crypto market has certainly changed a lot in the past year.
Collapse of key industry players
I think the biggest change this year has been due to the collapse of some key industry players, from Celsius, 3AC to BlockFi and most recently FTX. With billions of dollars affected, investors have become cautious. The collapse of these giants has served to remind us to be prudent and diligent with our crypto investment decisions. Users should conduct thorough research and abstain from entities whose licensing and regulatory status is unclear. I believe that the situation will change in 2023 and that investor confidence will resume, but we can’t afford to forget the lessons learned this year.
Liquidity affected but adoption will continue to grow
With the collapse of a big market maker like FTX, liquidity in the market was affected as several exchanges…
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