Binance CEO: Business Still Good, Despite Exchange Volume Drop

Binance cryptocurrency exchange CEO Changpeng Zhao said that the company is not concerned over low trade volumes caused by the current market slump, according to an interview with CNBC Africa posted on YouTube Nov. 8. Speaking on CNBC Africa’s “Crypto Trader” show, Changpeng Zhao — also known as CZ — said that the exchange is not worried by a volume drop of almost 50 percent since last month, when the market became “very stable.” According to Zhao, Binance currently has one tenth of the trading volume it did in January 2018, but is still trading far above the volumes the exchange had “two or three years ago.” The business is “still profitable,” Zhao said. Majority of Brits Know What Bitcoin Is Wednesday, they published the results of a survey of the British populace regarding Bitcoin specifically. The survey did not raise questions about other cryptocurrencies. However, 93% of those polled were aware of Bitcoin, an astronomical figure considering the relative young age of Bitcoin. Of the people who knew what Bitcoin was, only 4% (around one out of twenty) claimed to understand it very well, while almost six times that many claimed to understand it “fairly” well. Unsurprisingly, given data from other surveys conducted of the Bitcoin community and populations at large, young men were much more likely to claim they understood Bitcoin. Young British Men Claim to Understand Bitcoin Better Than Women Only about one in six people over the age of 55 claimed to understand Bitcoin fairly well. It seems the same 4% polled who believe they understand Bitcoin “very well” were also among the few brave enough to purchase the cryptocurrency which Germans recently overwhelmingly deemed “risky.” Six percent of all men polled had invested in Bitcoin and one percent of all women polled had purchased Bitcoin. This group of people were overwhelmingly aged 18-24. One takeaway is that the age of digital currency brings the investor out in young adults – in the United States, for example, the most likely group to own stocks are over age 70. Many Believe Bitcoin Will Inevitably Be “As Common As Cash or Card” A seeming highlight to the YouGov researchers but perhaps a given to the average cryptonaught is the fact that a relatively high number of participants in the survey – 20% overall – firmly believe that Bitcoin will be as common as cards or cash in the future. Another spin on this might be that 80% don’t believe or are not sure of as much, with 43% firmly negative on the prospect. However, those more familiar with the technology understand that the technologies which enable true mass merchant adoption, such as Lightning Network, have only just entered the playing field. The answers were notwithstanding whether or not the participant had purchased Bitcoin within their lifetime, and men and women across age groups were roughly equal in their positive and negative responses to the question. 87% Neutral or Negative on Subject of Non-Bank Currency The last question on the survey was whether or not the person was positive or negative, in degrees, about a currency outside the realm of control of central banks. The largest group, at 25%, answered that they were neutral on the subject, while another 18% were not sure how to answer that. Together they are 43% of all respondents. An additional 44% felt either negative or very negative on this prospect.

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