Binance CEO CZ Ridicules Troubled US Financial Institutions
CoinEdition
Published Mar 20, 2023 10:10AM ET
Updated Mar 20, 2023 10:30AM ET
Binance CEO CZ Ridicules Troubled US Financial Institutions
- “They buy debt, we buy crypto,” Changpeng Zhao said after buying $1B Bitcoin.
- The Binance CEO said, ‘No one can print Bitcoin out of thin air.’
- Bitcoin has hit a nine-month high as the US banking sector battles a liquidity crunch.
Changpeng Zhao (CZ), the CEO of Binance, continues to deride the financial institutions of the United States as they struggle to maintain stability amid threats of hyperinflation following the implosion of two prominent banks in the country.
“They buy debt, we buy crypto,” Zhao tweeted on Monday, recalling an earlier move to convert $1 billion of a fiat-backed stablecoin to other native cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH).
Interestingly, the price of Bitcoin has hit one of its highest points in nine months as the US banking sector battles a liquidity crunch. “I didn’t see the ‘Bitcoin is not a store of value’ narrative in the past week,” the CEO teased.
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