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Binance wants to convert crypto skeptics: ‘no need to ignore them’

By:
on Jun 24, 2022
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  • Changpeng Zhao says pro critics of crypto have their opinion based on their expertise and professional bias.
  • He argues they have a right to their opinions as every disruptive technology would attract similar skepticism.
  • Crypto still attracts a lot of criticism, with recent market turmoil and failing companies not helping.

Binance CEO Changpeng Zhao says there is no need to ignore those who hold a skeptical view of crypto.

Rather, he believes the best approach might be to “walk a mile in their shoes” and look to extract value from their admonishments once you understand their perspective.

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Binance on crypto skepticism being “normal”

According to Zhao, any disruptive technology that actually ‘disrupts’ would face the same reaction from those already in the space – and the blockchain community would certainly not be any different if “a fresh technology” emerged to threaten the sector.

He notes these professionals who criticize crypto, do so from a certain understanding – specifically, from the point of particular expertise that has helped shape their worldview.

Taking the example of a central banker – it may be very difficult to sway them off their central convictions about current banking and financial principles. The system might thus not warm up to or even understand a new concept such as cryptocurrency.

It is, therefore, easy to see why a central banker would look into a Central Bank Digital Currency (CBDC), for example, but at the same criticize other aspects of crypto. 

But it’s not just easy to change an entrenched perspective and approach, which is why “skepticism is expected and [is] normal” Zhao posited.

No need to ignore them

The Binance chief’s comments on this topic were captured in a blog post the company published on Friday. They come as the crypto market navigates the latest chapter of the bear market, with turmoil across the industry re-energising critics – and attracting further attention from regulators.

Zhao, whose Binance is the largest crypto exchange by trading volume in the world, says this is not entirely out of the blue.

Understanding someone’s view based on their experience and position lets me extract value from their criticisms. There’s no need to ignore them or take everything to heart once you’ve dug a little bit deeper.

Binance CEO Changpeng Zhao in a blog on How Do We Address Experienced and Respected Crypto Skeptics? published Friday 24 June, 2022.

Anyone, including global personalities who might have a divergent opinion on crypto therefore has a right to espouse it. But perhaps they should not draw conclusions on what they don’t understand.

For crypto, understanding the opinion from the perspective of how it has formed can be important. ‘Skeptics’ will likely point to the same thing.

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