Fiat Money Will Not Go Away soon: CZ Explains
Binance's CEO, Changpeng ‘CZ’ Zhao, believes regular money will stay, even with crypto's rise. His wealth also saw a big drop, showing crypto's unpredictability.
Binance's CEO, Changpeng ‘CZ’ Zhao, recently shared a surprising view about money. On October 28, he said on platform X that regular money, or fiat, will not go away soon, even with the rise of crypto. He compared this to how ties did not disappear when napkins became popular. "Fiat won’t disappear any time soon. The tie is still here,and very popular" he stated.
Some people disagreed with CZ on platform X. One person said that regular money is losing its value fast. Another joked about the world's longest tie, saying it's as long as a football field.
In other news, CZ's wealth has gone down a lot. From January 2022, when he had $96 billion, it has dropped to $17.2 billion now. This big change shows how the crypto market can be unpredictable and how its volatility can make or mar you.
Overall, CZ believes that crypto and regular money will both exist in the future. As the world of money changes, both crypto and fiat will have a place.
