coinspress.com
The CEO of the largest cryptocurrency exchange by trading volume anticipates a series of advancements in the cryptocurrency industry during the next bullish phase.
In a recent interview with Bankless, Changpeng Zhao, the head of Binance, discusses his predictions for the future of cryptocurrencies and blockchain technology.
When considering the internet, Zhao compares the crypto industry to its development, stating that there isn’t just one significant factor that drives adoption. Similarly, in the crypto and blockchain space, there isn’t a single defining factor anymore. Various elements such as video conferencing, social media, and Google as a vast source of information contributed to the internet’s growth.
In the past, 2017 saw the rise of initial coin offerings (ICOs), mainly based on ERC20 tokens. However, in 2020 and 2021, multiple developments occurred simultaneously. Zhao believes that the next big thing in crypto will consist of multiple aspects, no longer hinging on a single factor. He highlights the importance of exploring the next significant developments in non-fungible tokens (NFTs) and decentralized finance (DeFi).
Zhao speculates that there might still be unexplored concepts, such as crypto-based social media platforms, and mentions that certain use cases, like payments, are yet to reach their full potential.
Despite being an obvious use case, payments lacked stablecoins, the lightning network, or fast real-time transactions in the early stages.
As technology progresses within the crypto industry, Zhao expects a variety of narratives and use cases to emerge during the upcoming bullish market. He also believes that previously established narratives, like payments, could make a resurgence in the future.
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With the advent of faster blockchains and technologies enabling crypto payments while merchants accept fiat currencies, real-time transactions such as Balance Pay, Bonus Card, and other credit card solutions have become possible.
Traditional financial industries are facing uncertainty due to global economic turmoil. This has led to blockchain adoption in regions like Africa, where smartphone penetration is increasing and traditional banking services are limited.
Zhao sees potential in these developments and expects multiple successful startups and concepts, including both new and existing players, to shape the industry. Therefore, he anticipates witnessing a multitude of achievements in the crypto space.