Binance’s CEO Believes Bitcoin And Crypto Market Undervalued Given Recent Developments

In a recent talk at Consensus Singapore, Binance CEO expressed that Bitcoin and crypto market as a whole was severely undervalued given major recent developments. The CEO of the leading exchange went as far as saying that he's surprised that Bitcoin's price hasn't skyrocketed. 

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In a recent talk at Consensus Singapore, Binance CEO expressed that Bitcoin and crypto market as a whole was severely undervalued given major recent developments. The CEO of the leading exchange went as far as saying that he’s surprised that Bitcoin’s price hasn’t skyrocketed. 

Bitcoin undervalued

While the market has remained steadfastly bearish for the better part of the year, and there have been a lot of positive developments within the industry to warrant a price boom, the question many ask is what it will take for crypto, and Bitcoin specifically, to return to last year’s highs.

Despite the apparent frustration, Zhao maintains that the crypto industry will soon see exponential growth.

At the recently concluded Consensus Singapore, Zhao commented in a speech that last week’s positive developments in the regulatory ecosystem provide the perfect stage for institutional investors to enter the market.

His remarks follow the recent approvals given to Gemini and BitGo. The former has been allowed to launch its stablecoin, while the latter now has the go-ahead to launch custodial operations.

Support for the two crypto-related products has encouraged the industry, with experts lauding it as one more piece in the puzzle that would unlock institutional entry into cryptocurrency.

Zhao acknowledged that all these developments were essential and should lead to a general surge in the value of all crypto assets, but especially Bitcoin (BTC).

Last week’s altcoin surge notwithstanding, he believes the top coin deserves more attention. He stated:

“Custodian solutions, insurance, are very important, and stablecoins are very, very important—actually all of those things happened in the last week—I don’t understand why the Bitcoin price isn’t shooting through the roof.”

Zhao explained that Bitcoin’s growth, as seen in week-on-week analysis and monthly time scales, pointed to an unrelenting upward surge.

Binance taking the lead

Binance has played a significant role as one of the vehicles driving market growth. The leading exchange promises to provide a solution to one of the most debilitating challenges facing crypto – the difficulty of undertaking fiat-crypto transactions.

Binance CEO Zhao Changpeng feels that making it easy for people to convert their fiat into crypto will catalyze market growth.

Binance wants to be the first to simplify the process for clients while navigating the difficult regulatory landscape.

Zhao explained that the cryptocurrency market cap is still a fraction of the fiat market and that there are several hurdles in the race to bridge the gap:

“That’s why we want to help solve this problem,”

Binance has launched several fiat-to-crypto business platforms in crypto friendly countries like Malta, Liechtenstein, and Singapore.

On September 15, Binance announced that it would be launching a fiat-crypto exchange in Singapore. Days later, the world’s largest exchange by volume began beta testing in the country, with the CEO saying that it would be ready to begin operations within months.

Developing nations serve as the perfect test bed

Singapore, however, isn’t the first country in which Binance launched a fiat-crypto platform. In June, the company launched Binance Uganda – its first venture into fiat-crypto trading.

The Binance Uganda project was a resounding success and opens Binance to further opportunities in Africa.

Expanding across the globe will most probably require testing solutions in smaller nations first. These nations are likely to be friendlier and have regulatory conditions that are more accommodating compared to developed countries.

Zhao stated:

“We are willing to work with any government that wants to work with us. Smaller ones are much easier to work with because you can talk to the prime ministers directly.”

It contrasts their approach in countries that are aggressive with crypto regulations and which are then perceived to be less friendly.

For instance, the exchange has been named in a report as one of the exchanges that have violated regulatory guidelines and New York state laws on crypto.

Whether this has impacted on Binance’s efforts in the region is not a hidden fact. The leading crypto trading platform will look to jurisdictions with less stringent demands.

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