Trump talking about crypto can only be a good thing, CEO of top exchange Binance says

As reported by CNBC, “President Donald Trump might not be a fan of cryptocurrencies, but Binance CEO Changpeng Zhao doesn’t seem worried.

“Known in the crypto community as ‘CZ,’ the digital currency exchange’s chief said Trump’s comments criticizing bitcoin and Facebook’s libra currency can only be good for the industry.

“’Trump so far has not done anything positive or negative, he’s just said he’s not a fan,’ Zhao told CNBC in an interview last week. ‘The fact that he tweeted about it, and the president of the United States is talking about cryptocurrency, it’s a good thing.’

“Trump said in a series of tweets earlier this month that he was ‘not a fan’ of cryptocurrencies like bitcoin, claiming they’re ‘not money.’ He also directed his ire at Facebook’s plans to create a cryptocurrency, saying the firm should be subject to federal banking regulations.

“Subsequently, Facebook’s blockchain chief David Marcus was grilled on Capitol Hill over libra, while bitcoin’s price has been subdued over the last week amid heightened regulatory concerns.

“But CZ said that even if the U.S. made it illegal to own cryptocurrency — which he describes as the ‘worst case scenario’ — it wouldn’t shatter the industry.

“’Cryptocurrency will survive regardless of any one country,’ he said. ‘Most countries that try to ban bitcoin cause their citizens to want cryptocurrency more.’”

Continue to read the full story on CNBC.com.

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