I’m a big promoter of bitcoin: Binance CEO

Binance CEO Changpeng Zhao (CZ) explained on Wednesday why Binance is spending time supporting cryptocurrencies and blockchains beyond the core developed cryptocurrencies and blockchains.

While the executive remained optimistic about the BNB chain ecosystem, he added that he is personally a “heavy promoter of bitcoin (BTC).”

Is Binance’s blockchain centralized?

in one AMA A questioner hosted on Twitter on Wednesday raised concerns that “Binance Blockchain” is not being promoted by its namesake company and that many crypto users see it as a “shitcoin”.

CZ explained that Binance would prefer that several of its child networks — including the BNB Beacon Chain, the BNB Smart Chain, and the upcoming “Greenfield” chain — remain independent and decentralized.

“Anything related to Binance is often unfairly accused of being overly centralized,” he said. “We are stuck in the middle. We can give more support, or we can let them run on their own.

The “decentralization” of Binance’s blockchain came under scrutiny last year when the Binance Smart Chain (BSC) was hacked for $600 million in BNB. The network collaborated with about a dozen service providers to freeze the blockchain and prevent any more money from fleeing at the time, thanking them for their “swift and attentive response.”

pic.twitter.com/gxy3yd8odg

— iNil (@lnil) 6 October 2022

bitcoin as a safe haven

Amid such scrutiny, CZ said that Binance prefers to keep such networks “independent” and treats “all blockchains on an equal basis” from the perspective of its exchange business.

“We promote Ethereum. I promote bitcoin a lot myself,” CZ said, while still expressing support for BNB – Binance’s native exchange token.

Earlier in the discussion, the executive said that “blockchain technology” is being used around the world to fundraise and act as a “safe haven asset” by a “group of dedicated people,” possibly numbering in the hundreds of millions. “Especially bitcoin,” he said, “(and) some of the top crypto assets.”

A surge in demand for bitcoin in March triggered panic withdrawals at major regional banks in the United States, indicating some level of market recognition for bitcoin as an insurance policy against macroeconomic failures. Assets’ correlation with stocks hit a two-year low in June.

#bitcoin Price fluctuates. Its usefulness is increasing continuously.

— CZ 🔶 Binance (@cz_binance) 30 June 2023

Last month, Binance confirmed that it was setting up nodes to support Bitcoin’s Layer 2 Lightning Network. The nodes will help facilitate cheap and fast BTC withdrawals from the exchange.