Written by: Wu Says Blockchain

During the AMA on February 12, CZ shared his views on several hot topics in the crypto industry, including Memecoin, bear market predictions, U.S. crypto policies, the potential of AI and blockchain integration, and support for the African market.

On the Risks of Memecoin

Question: Previously, Binance started to support on-chain Memecoins, and I also bought a lot of Memecoins. You mentioned that Memecoins created based on your tweets are mostly destined to lose money. What should ordinary people do with these Memecoins?

CZ: Many people create Memecoins based on my tweets, so if you buy all these coins, it's almost certain you will lose money. I'm not an expert in Memecoin trading; in fact, if you are a Memecoin trader, you need to have your own strategy. Memecoins that can exist long-term often have strong cultural support, like Dogecoin and Floki, which have robust community backing. New Memecoins are riskier, so I advise against touching them unless you're sure you know what you're doing.

Views on the Bear Market and Market Turnaround Prediction

Question: Regarding this bear market, how long do you think it will be before a market turnaround occurs? After all, compared to 2022, this market doesn't seem to be a full bear market, as stablecoins and prediction markets still seem quite prosperous.

CZ: I think the situation this time is complex, and no one can accurately predict the direction of the market. I don't have a crystal ball to see the future. The market is influenced by many factors, like policies from different countries, taxation, and certain companies launching stablecoins, as well as others creating prediction markets, etc. No one can anticipate the actions of each participant.

Historically, these kinds of markets typically have a cycle of about four years, but whether this time will follow that pattern is still uncertain. The U.S. currently shows strong support for digital currencies, and the government continuously passes relevant bills, which is very positive for the market. When the U.S. supports digital currencies, other countries tend to follow. Currently, there is rapid progress in stablecoins, RWA, and other areas, but there has been a recent increase in negative voices and FUD (fear, uncertainty, and doubt) within the community, which negatively impacts the market.

No one can clearly predict how these factors will affect the market. Therefore, I advise everyone to carefully assess their own risks. Overall, there are both positive and negative forces in the market, but I believe the industry's prospects are optimistic in the long term. As for what will happen this year, tomorrow, next week, or next month, it's hard to predict, and I cannot make forecasts.

Views on the Clarity Act

Question: Regarding the Clarity Act, how do you think it will impact the crypto industry?

CZ: To be honest, I don't know much about the Clarity Act; I've only read some interpretations of it from AI. So I think you shouldn't take advice from me on this. But overall, I believe any regulation that provides clear guidelines is good. From the debate I've seen so far, this bill is quite complex and controversial. Which side will prevail, I'm not sure. Whether this bill has drawbacks or limitations, there may be some compromises, but after all, it's just a draft. So I hope this bill can pass and continue to iterate; that would be good for the crypto industry.

So overall, I think it's very positive; that’s my gut feeling, but I'm not a legal expert, especially not in U.S. law. It's best to consult other experts.

How to Build Long-Term Applications in the Current Market Environment

Question: The current market sentiment is rather negative. What aspects should ecosystems and projects like BNB Chain focus on to drive industry development, build confidence, and achieve sustainable long-term growth?

CZ: This question is simple. For builders in the industry, you should ignore market fluctuations. Whether the market is going up or down, it will grow in the long run. Over the long term, Bitcoin will perform well, and major cryptocurrencies will do well. I think most mainstream blockchains will develop positively right now.

As a builder, you shouldn't worry too much about short-term price volatility. You should focus on building applications that people will genuinely use. Applications used by users do not depend on your token price but are based on the specific features your product offers, whether it be wallets, trading, stablecoins for USD payments, tokenized assets, or other application tokens. As long as you can build what people need, they will use these products in the long run.

I think as a builder, you don’t need to worry too much about short-term market fluctuations. However, if you issue a token, you should maintain consistency in product updates, ensure that token holders are fully aware of your activities and product roadmap, and make it clear what you are doing so they can better assess the risks and opportunities of holding the token, while maintaining frequent communication with the community. That’s my advice. So far, the projects related to me have been following this advice, and most are doing well.

Motivation to Continue in the Crypto Industry

Question: CZ, people often call you the richest person in the crypto industry. I think people are adding up finances, funds, and your assumed assets, but we know that this is not accurate. You have achieved a lot of success and have done very well, and I greatly appreciate you, as you have also made quite a bit of money in the crypto field. So why do you continue doing this? Why are you still here, doing these things?

CZ: First of all, I completely agree with you. Indeed, many people confuse Binance users' assets with Binance itself or my personal assets. The first point is that I am relatively well-off economically now, but I am not focused on making money. Additionally, I have gone through a lot in life, and I think most people will understand that after such experiences, you realize what is truly important to you and what is not. For me, health is very important, family is very important, meaningful connections and experiences are also very important, and contributing positively to society and the nation is important for me as well; it gives me a sense of fulfillment. I am not doing things for some purpose but because doing things that positively impact the world makes me feel good. I believe we are inherently inclined to do this; any animal instinctively tends to help its own kind because those that don’t will usually be evolutionary culled. So I think we are naturally inclined to help each other and hope we can make the world better than when we arrived.

We want to make a positive contribution. So when we achieve that, there is a strong intrinsic reward that makes us happy. That’s why I do it. Moreover, especially after going through those moments, I now value some simple pleasures in life more. I’m also fortunate to have enough resources to do meaningful things; I have enough talent, teams, and funding to do things, as well as enough time to do them. While I'm not particularly young, I’m also not too old. So I have the capacity to do these things. Few people my age can afford the luxury to do what they want. Also, Binance has operated well for two and a half years; it can continue to work without me. That allows me the freedom to do other things, like the Giggle Academy, and promote the development of the crypto industry with leaders from different countries. All these endeavors would be hard to do if you were a full-time CEO of a company. So I feel very lucky to be in this position, to be healthy, and I feel I should do something meaningful. Skiing is great, but I can't do that forever, right? I can do it for a few days, a few seasons, a few months, but I can't do it continuously for 30 days; that would be too exhausting. So I still need to do something meaningful, and that is what drives me forward. Thank you all for this opportunity.

Discussing Ray Dalio's Principles and Corporate Management Experience

Question: CZ, you have mentioned Ray Dalio's principles in your speeches on various occasions. I want to ask, in this highly volatile and challenging environment where the financial industry develops rapidly, which principles do you find most difficult to follow in real life? Have you ever compromised on some principles to protect the company in certain situations?

CZ: I'm not sure which specific principle you are referring to, but I wrote a blog post that listed all the principles, around 30 to 40 of them. Let me first answer a simple and interesting question. I think the hardest principle to follow is actually "saving time." Many people know that time is important; time is more valuable than money. You only have a limited amount of time in a day, right? It can’t be expanded. You can delegate tasks and hire teams, but you still only have 24 hours.

There are also some meetings that take up a lot of time; it’s hard to reject them because saying no might seem rude. Some senior staff might say, "Can we have a meeting with my friend to discuss this and that?" You start wondering if you should accept this meeting. What do they want to discuss? It's hardest to save time without being rude. I actively refuse more now, but even I sometimes worry about offending people. Unfortunately, many people will be very shy and polite if they want to borrow $1,000, but when they say, “Can I talk to you for five minutes?” it actually takes half an hour to an hour of your time, and they don’t care at all and don’t think it's a problem. Most people wouldn’t directly tell you, “I just need five minutes to discuss something specific,” allowing you to say, “No, I don’t want to have this meeting” or “This meeting won’t take place.” Most people aren't efficient, and making the people around you efficient is very difficult and can be incredibly challenging. People may feel you are rude; I would avoid using foul language here. But I think this is the hardest thing to do among all my principles, yet it's also one of the most useful. If you can accomplish this, you can truly optimize your time, and the people around you will also become very efficient, making you more efficient too. I believe this is actually a key factor in success.

Other principles, such as protecting users and user assets, are another matter; we will protect user assets no matter what happens. These principles are very strong, so they are actually easier to implement throughout my career, especially now that we are building Binance. Any matters involving user assets are handled with great caution and protection. So while these are challenging, they are strong enough that they're comparatively easier to adhere to. In the area of time management, many people want to remain polite but fail to adequately protect their own time.

Views on Aster Blockchain and Its Future Development Direction

Question: Can you share your insights on Aster and its competitive landscape, as well as the future development direction of Aster blockchain? You have previously mentioned that privacy protection is very important in blockchain, and speed is also key. What are your thoughts on this?

CZ: Firstly, I'm just an advisor to Aster; they have their own team operating, and Leonard and his team are very proactive and talented. In comparison, they are a slightly late-starting team with a lot to catch up on. But I believe their team is very strong, which is why I am willing to offer them advice. I think there’s a huge market for products in this field, and we are far from completion; we have just begun. This field will exist over the next 10, 20, or even 50 years; who will be the ultimate winner is still uncertain, maybe today’s participants will be, maybe not. But clearly, today’s strong players have a good chance. So I fully support them and help them as much as I can.

I find the emergence of new blockchains very interesting. The ideal blockchain faces many challenges; technically, it is not as simple as people imagine. At the same time, it’s interesting to see different participants moving in different directions. Some teams emphasize complete transparency, where all information is visible, while others advocate for protecting transaction privacy.

I think this is very interesting, and I’m glad to see diverse players pursuing different routes. It is unclear which route will ultimately be widely adopted or if multiple platforms will succeed at the same time. But I find all this very intriguing. So I am here as their supporter and try to cheer for them. I have high hopes for them.

Advice for the Chinese Crypto Community and International Development

Question: I would like to ask you how the Chinese community can present a responsible, innovative, and warm image to the world, especially in terms of better global integration. International tokens like Shitcoin and Dogecoin are already competing globally. As a senior figure in building the BNB ecosystem, can you give us some advice?

CZ: This question is a bit grand; first of all, I cannot represent the entire Chinese community nor such a large group. Even though I speak Chinese, my proficiency is not particularly standard. From my personal viewpoint, I support the development of both the Chinese and English communities; I hope both can become stronger and better. I will continue to support and promote Chinese content within the language contexts I can utilize. In fact, I have promoted Chinese content in many English communities; of course, there may still be more I can do. Many foreign friends have mentioned that I have too much content in Chinese, but I believe it’s not my issue if others complain. I will promote content in both languages simultaneously.

As a Chinese person, I feel that sometimes our internal competition is too fierce. With the many recent fake news, I believe they may have originated from competitors or peers. So I think the Chinese community is not united enough yet. If we genuinely want to do better, we should be more united to enhance the overall influence of the Chinese community internationally.

However, as things currently stand, the level of cooperation is still insufficient, and achieving this goal is quite difficult. I believe our goal should be how to unite the Chinese community, Chinese platforms, Chinese projects, and Chinese tokens, rather than tearing each other down or attacking one another. Tearing down is okay, but pointless attacks are completely unnecessary. So that’s my view.

Predictions on Crypto Capital and Market Focus in 2026

Question: In the next two to three years, possibly by 2026 or 2027, where do you think the real capital and focus of builders in the crypto industry will be? What signals should ecosystems pay attention to early on?

CZ: This question is also difficult to answer; it falls into prediction territory. My predictions could be wrong, but I do think that much attention has currently focused on real-world assets (RWA). From my conversations, every country I have engaged with seems eager to tokenize their assets. For nations, if they can tokenize assets, they can immediately gain funding, and when people want to exchange tokens, the goods can then be delivered. Tokenization creates the economic foundation for that asset class and can also build infrastructure for that asset class.

For example, when talking about gold, many countries have gold that hasn’t even been mined yet. Some countries discuss valuable minerals, even salt or water. Many countries have abundant alpine water resources. For instance, Kyrgyzstan has a lot of water resources; if they could tokenize those resources, the value of water might surpass that of oil. Today, the price for a liter of drinking water is often higher than that of oil. If water could be tokenized, it could yield a substantial income.

I believe tokenizing real-world assets will become a very big trend. Additionally, this year or next, prediction markets may become very popular, especially with events surrounding the World Cup. Prediction markets will also heat up during elections and other major events. I think these trends are relatively evident, but I could be wrong. There might also be some unexpected events that suddenly become very popular. Therefore, the trends in the coming years may be very interesting.

On the Compliance Issues of DEX

Question: I want to ask how you view the compliance issues that DEX may face in the next three to five years? If there are any, when or at which juncture do you think this issue might arise?

CZ: This question is quite challenging. First, I am not a compliance expert, and compliance issues are not that straightforward; the compliance requirements vary from country to country, making it hard to predict how they will develop. Taking the U.S. as an example, many people probably couldn’t have predicted a year ago that the U.S. would have such a positive attitude towards the crypto industry now. This field changes very rapidly, so it’s hard to say how future developments will look.

DEX itself comes in different types: completely decentralized DEXs, and some that are perhaps still somewhat centralized, with fewer nodes, etc. Therefore, the issues involved with different types of DEX are also different.

I think compliance issues for DEX will vary, and it’s hard to predict how they will develop in the future. The specific approaches of each country are also difficult for me to anticipate. But overall, the discussions surrounding the crypto field are increasing, and more countries and regulatory agencies are beginning to focus on this topic. I think this is a positive trend. As for when DEX will encounter compliance issues and how these will develop, I truly do not have an accurate answer. Currently, many countries haven't even figured out the regulations surrounding CEX; discussions are still ongoing. Therefore, I believe that compliance issues for DEX will likely arise in the next phase and may be a long-term process.

U.S. Support for the Crypto Market and the Role of Stablecoins

Question: Regarding the U.S.'s focus on the crypto market, do you think stablecoins are gradually overshadowing Bitcoin under the U.S. government? Where do you think the current focus of U.S. attention on the crypto market lies?

CZ: I don't know much about the U.S., and it is a large country with many different participants and voices. However, from what I can glean, the Clarity Act, which was passed last year, has provided a lot of clarity in regulating stablecoins, and it's been about 6 to 7 months since then. This is a very positive signal for the U.S. and also helps with the crypto development of many other countries globally. I've seen a lot of discussion about the Clarity Act and hope it can pass. Support from the U.S. government for crypto will drive the development of this industry, contribute positively to the national financial system, and keep the U.S. at the forefront of the global financial system. The U.S. is already a leader in global finance, including traditional financial sectors like Wall Street. If it can adopt this new technology earlier than other countries, it will further consolidate its leading position.

Overall, the current support from the U.S. for the crypto industry is very beneficial for the global crypto industry. However, for other countries, it’s important to catch up early, adopt favorable regulatory policies, attract talent, and drive industry development. Therefore, I think the overall support from the U.S. for the crypto market is positive, and it is also beneficial for other parts of the world.

As for whether stablecoins have replaced Bitcoin's prominence, I am not quite sure how to answer that strictly, but U.S. policies on crypto certainly have significant global implications.

Potential and Future Applications of AI and Blockchain Integration

Question: AI is developing rapidly, and you should have felt this change recently, especially in terms of large-scale applications. At the same time, I have also studied the roadmap of BNB Chain and learned that by 2025, BNB Chain plans to launch "AI First" and promote AI integration and tool provision. What is your view on the practical application prospects of AI in the tourism industry? Or, what types of AI applications do you think can truly land and be widely used, survive, and be loved by everyone?

CZ: I think AI is developing very rapidly, and blockchain is also advancing swiftly. How do these two industries combine? Currently, we are still in a long-term exploratory phase, and a fully integrated super application has yet to appear. However, I believe that as AI capabilities enhance, applications involving AI payments or AI in data training, etc., will intersect with digital currencies.

I personally believe that payments might be the earliest area to see application, although it’s still in an early stage with many people experimenting, and there isn’t a very clear trend yet. However, looking ahead two, three, or even five or ten years, I believe there will be thousands of AI agents demanding payments, and the payment methods they use will almost certainly be digital currencies, especially as many payments will be small, cross-border, or high-frequency payments, which will likely be based on blockchain technology.

Balancing Free Speech and Corporate Responsibility

Question: Although you are no longer the official CEO as of 2023, your voice still has a significant impact. How do you balance the relationship between free speech and your responsibility to the Binance ecosystem?

CZ: I don't think there is any balance needed, and I don’t need to balance anything. I do not manage Binance; I am someone who believes in free speech and will continue to maintain that position.

I mostly live in countries where free speech is respected and am also very active on social media. I believe I will continue to do so without thinking it will affect anything else. Whether others consider what I say to carry weight does not change how I choose to express myself. I just do my own thing; whether others like it or not. Sometimes I hear people suggesting that there is a lot of negative information about me these days, and maybe I should quiet down a bit. I say no, I don’t want to do that; it will only make it work. I won’t let others change how I behave; I will be myself.

So I believe the question you asked doesn’t present a conflict. I express my viewpoints, do what I think is best, and interact with the community in ways I feel are appropriate and helpful; that's what I do. So I try not to change much.

Competition and Integration Between CEX and DEX

Question: Going forward, will there be more competition between CEX and DEX, or will they integrate with each other? Which users will choose CEX or DEX?

CZ: The question relates to which users will choose which and how they will develop, etc. I believe they will coexist long-term; at least for now, they cater to two distinctly different user groups.

CEX operates through your account, whereas DEX trades directly from your wallet. However, currently, managing a secure wallet is a special skill; most people are unable to protect their wallets properly. If you want to engage in active trading on DEX, you need a secure computer. You can't just download files from the internet or open pictures sent by friends. You must implement many restrictions to ensure your computer is not infected with viruses. If your wallet is saved on your computer and it gets infected, you're in serious danger. This is quite different from CEX users, who just use an email and password and have customer support.

Right now, the adoption rate of cryptocurrencies is still relatively low; globally, about 8% to 10% of users have come into contact with cryptocurrencies, maybe even less. If you consider the wealth of these individuals, only a small portion, approximately less than 10%, of the network's wealth includes cryptocurrencies, meaning the global adoption of cryptocurrencies is under 1%. For most users, especially non-technical ones, when they want to use cryptocurrencies, they usually first choose CEX. So they will use CEX and may transition to DEX once they become more familiar. However, in today’s crypto world, early users are mainly tech enthusiasts, what we call the “geeks.” These individuals are more inclined to switch to DEX. For the majority of regular users, transitioning to DEX is still quite challenging. At the same time, tools will improve over time. I hope these tools develop to a stage where non-technical individuals can easily hold cryptocurrencies. By then, perhaps more people will use DEX.

However, currently, DEX products are also quite simple; you need different platforms to conduct trading, lending, savings, and payment operations. I hope that in the future, your wallet, such as Trust Wallet, can integrate all these functions together to provide unified services. This is also the direction we and the broader ecosystem are working towards.

From a technological advancement perspective, CEX and DEX aren't in direct competition. Even if there is competition, there are thousands of CEX and DEX, and the market capacity is very large, capable of accommodating many players. Alright, this answer is relatively long.

Support for the African Crypto Market and Development Opportunities

Question: Regarding emerging markets, particularly Africa's role, how do you view its role in promoting the adoption of crypto? As more and more talented founders and builders emerge from the African continent, how does Binance plan to support and include African innovators through incubator projects like YZ Labs and other ecosystem collaborations?

CZ: If you look at all crypto platforms, including exchanges, wallets, and any business platforms, Binance has the greatest presence and investiture in Africa. I believe we, Binance, BNB Chain, and the entire ecosystem, including myself, have put in a tremendous amount of effort in Africa. I have visited more than 12 countries in Africa. We have made many efforts in Africa.

From the beginning until today, my philosophy remains the same: we want to bring as many people as possible into the crypto world. Frankly speaking, Africa's overall per capita GDP is lower than most other continents. Thus, the returns and incomes from doing business in Africa are also relatively low.

I think this may be one reason many platforms do not focus on Africa. But I firmly believe that if we can empower the entire African population, their economic strength will grow, and in a few years, business returns will follow. Furthermore, Africa has quite unique opportunities. The penetration rate of banks is very low— I believe it’s under 11%— which means that as smartphones become more common, Africans don't need to rely on banks; they can directly access the crypto space. This is exactly the phenomenon we are currently witnessing. From my personal perspective, this is a golden opportunity for any crypto business or platform.

Additionally, YZ Labs has invested significantly in Africa from the very start. We once had a director directly responsible for investments who lived in Africa for a long time, named Yelai. He is no longer on the team, having decided to pursue his own entrepreneurial project, but he spent many years on the team and was once focused on the African market. Therefore, we have done a lot and hope to do more. From the perspective of BNB Chain and YZ Labs, we are very eager to do more in Africa and hope that more people will help us.

On the Arrival of the Crypto Winter

Question: Do you think the crypto winter is about to arrive? What people commonly refer to as the "crypto winter"?

CZ: The market has cycles and will fluctuate. Everyone's definition of "crypto winter" is different. Looking at some indicators, if you observe Bitcoin’s price, it has dropped significantly from its historical highs. Compared to a year and a half ago, it is doing slightly better now. So how do you define "crypto winter"? I'm not quite sure, but the market is very volatile. Even in traditional markets, like gold and silver, there is a lot of fluctuation.

However, from a long-term perspective, I believe the crypto industry will develop very well. Although not every cryptocurrency will succeed, many will fail, but excellent projects will do very well. That's my view. I have a long-term perspective on the industry and am not too concerned about short-term fluctuations.

For investors or traders present, managing risk is very important. You need to understand that this is a highly volatile industry; whatever investments you make, ensure you can withstand these fluctuations.

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