CEO of Binance has been very vocal recently, admiring the cryptocurrencies for the open gems. These are passing on his thoughts about the financial institutes that won’t consider giving crypto some kind of chance. He came clean about his previous stance about cryptocurrencies which was not giving any admiration to the cryptocurrencies such as Dogecoin, Bitcoin, Ethereum, and many others.
But he has definitely come around this time and has praised Dogecoin for the exemplary cryptocurrency it is and all the recent development that it has made recently. He went on to talk about the conservativeness and immense refusal that many financial enterprises are giving to cryptocurrencies, not only this but the consequences that these might have to face in the future preceding their decision at the moment.
Institutions not Adopting Crypto Today might Fret over it in the Future, Says CZ
He even went live and tweeted about this that was liked and retweeted by many; the thoughts he poured over there were like bookstores unwilling to work with the internet. Referring to the current treatment that banks are directing towards cryptocurrencies is not right, and one way or the other, they have to go down with this implementation; now it is onto them how they want to do it, the hard way or the easier way. It seems that masses out there are more than willing to work with cryptocurrencies such as Bitcoin than gold or stocks.
But in a moment of respite, he argued why banks are unwilling to work or collaborate with exchanges to implement cryptocurrencies into their infrastructure, which is being at odds with the entire infrastructure of cryptocurrency and what it stands for. According to CZ, the current business model that banks tread on with is based on heavy fees and transaction allocations. With that out of the picture working with crypto, they will most likely lose their business model, which is what worries them the most.
At what rate the crypto trend is spiking, it is not that far when it will end up being as necessary as bread and butter, and then banks not presently willing to work with crypto will pay for the consequences that lie ahead.