Binance CEO Explains How Placing A Ban On Cryptocurrencies May Help Drive Interest To The Industry

Cryptocurrency News Today – A battle line seems to have been drawn and two camps have emerged. The cryptocurrency market seems to be one of the topics of discussion by the government and heads of financial institutions. The president of the United States went on social media to air his disdain for the cryptocurrency industry which he said was an avenue for crooked dealings and illegal activities. The head of the Federal Reserve joined the discussion and supported Donald Trump’s views. Also in support of the US president was the Treasury Secretary Stephen Mnuchin. They all viewed the cryptocurrency industry in a negative light and some crypto analysts and researchers believed that their opinions may have influenced the cryptocurrency market negatively.

Cryptocurrency News Today – Cryptocurrency Ban By the Government Will Drive Adoption

Cryptocurrency news today learned that CEO of Binance, Changpeng Zhao had a different view of the present cryptocurrency ban being pushed by the president and the government. Zhao believed that though the US president had been critical about the cryptocurrency industry, the president hadn’t done any damage to the industry. Instead, Zhao believed that the interest shown by the government and the president could only be seen as a win for the cryptocurrency market.

The CEO of Binance even went further to say that should the US government agree to a cryptocurrency ban, or impose oppressive cryptocurrency regulations, he believed that the industry would survive and may even thrive as records show that countries that try to ban cryptocurrency make their citizens want the assets even more.

When asked about the hack of Binance network and the theft of $40 million hot wallets, Zhao argued that even traditional financial banks got hacked and billions of dollars stolen but such banks were never open about such incidents or the amount stolen. He believed that in the case of cryptocurrency, there was more transparency which he felt was good for the traders as they were in the picture of everything that went on.

Cryptocurrency News Today – Cryptocurrency Ban – Cryptocurrency Latest Update – U.S Government Social Media Attacks

In agreement to Zhao’s stand on the assumed forthcoming cryptocurrency ban, the CEO of Coinbase, Brian Armstrong, saw the tweets by the US president as a big win for the cryptocurrency industry. Armstrong believed that the opinions of Donald Trump and the heads of some of the financial institutions in the country showed that the cryptocurrency industry could no longer be ignored. He said that this was a direct contrast to people’s opinion on cryptocurrency.

Bitcoin (BTC) Price Today – BTC / USD

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Cryptocurrency latest update shows that many crypto analysts and researchers share the same view as Zhao and Armstrong. They believe that the cryptocurrency market will become a permanent feature in the financial market and there have been predictions of the cryptocurrency market even replacing the traditional financial institutions and banks.

Facebook’s cryptocurrency Libra has been under attack by the government who has shown concern over what they perceived as Facebook’s lack of privacy and non-compliance to regulations. Financial ministers in other countries have also expressed their concern over Libra as they see Facebook’s plans as a potential financial risk.

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