Binance CEO Changpeng ‘CZ’ Zhao has made a stark new statement amid reports that his wealth has dropped.
In fact, the statement goes against the common narrative in the crypto community.
Binance’s CZ Gives Stark Fiat Currency Opinion
On October 28, CZ took to X (formerly Twitter) to assert that fiat currency will remain a significant part of the financial sector for the foreseeable future.
CZ’s stance opposes the viewpoints expressed by outspoken figures in the cryptocurrency industry.
He drew a comparison between the evolution of basic materials to illustrate why fiat currency will endure in the presence of crypto.
“Fiat won’t disappear any time soon. The tie was originally used as a napkin. Crypto will make the market bigger.”
CZ also emphasized that the popularity of napkins did not entirely eradicate the use of ties.
“The point may not have been clearly articulated. The tie is still here and very ‘popular.’ Napkins didn’t eliminate ties.”
Few users on X disagreed with CZ. One user agreed but also argued that fiat is losing value very quickly.
Learn more: Binance Review 2023: Is It the Right Crypto Exchange for You?
CZ’s Recent Decline in Net Worth Reported
Another X user humorously stated that the longest tie in the world measures 150 meters. They said:
“That’s longer than a football field.”
On October 27, BeInCrypto highlighted a substantial decrease in CZ’s net worth during the ongoing crypto winter.
CZ’s net worth has seen a significant plunge to $17.2 billion, marking a stark contrast from his peak wealth of $96 billion in January 2022.
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