According to Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance, Bitcoin and its underlying blockchain technology cannot be destroyed at this time, so governments and regulators must adapt and start using blockchain technology and cryptocurrencies.
“I don’t think anyone can destroy Bitcoin given that this technology, this concept is now in the heads of 500 million people,” Binance CEO Changpeng said in a pre-recorded interview aired during the CoinDesk Consensus 2021 virtual conference. You can’t just destroy it.”
Fighting against Bitcoin and other cryptocurrencies now will be like refusing to accept Amazon’s online business model when the e-commerce giant first started in the early 1990s, Zhao said.
Cryptocurrencies are not meant to destroy traditional finance or government-backed fiat currencies, but to provide more “freedom of money.” he added.
“Cryptocurrency is just a new tool that can increase the freedom of money around the world. I don’t think cryptocurrencies are competing with regulators and we have a way to work together. “