The world’s largest and first cryptocurrency, Bitcoin [BTC] is still subject to immense criticism. Despite its impeccable growth into a trillion-dollar industry crypto is widely thrashed. Its lack of intrinsic value has posed a concern to many. As a result, certain individuals still endorse gold as a better investment than digital gold, BTC. It seems like Binance’s CEO Changpeng Zhao came across this notion causing him to diminish FUD about Bitcoin not being real.
In a recent Twitter thread, CZ dismissed notions about Bitcoin not entailing value. He pointed out that anything that is being used by people has value. Comparing BTC to the social media platform Facebook, he pointed out that it did not have physical goods either. Yet, it has been widely used and lauded for revolutionizing the internet. Ergo, BTC also has value, utility value.
Bitcoin has had to time and again combat these notions that further initiate fear in the market.
Every platform has a good side and a bad side. Bitcoin’s ancient association with the dark web has been constantly picked. However, Facebook’s mishaps with users’ data are often overlooked. Even though the social media giant was hit with a lot of scrutiny, it wasn’t as disregarded as BTC was.
Further stressing how Bitcoin had value, CZ went on to list how cryptocurrencies, in general, are being widely used. The Binance CEO added,
“bitcoin/crypto is used as tools for: transactions (domestic and international); globally fundraising (startups and donations); selling art and content, hedge against inflation, providing liquidity, earn interest, and much more… by more than 500 million people.”
With all of these use cases, it’s a clear mystery why Bitcoin is still considered to entail no real value.
Abu Dhabi welcomes Binance with open arms
After being ousted from several countries across the globe, Binance seemed to be scouting for shelter. The exchange recently attained a thumbs up from the regulators in Bahrain. Now, the platform has managed to score an in-principle approval [IPA] from Abu Dhabi. The Financial Services Regulatory Authority [FSRA] of Abu Dhabi Global Market [ADGM assigned a Financial Services Permission [FSP] to the exchange.
This would reportedly allow Binance to provide fully regulated crypto services not just in Abu Dhabi but across the MENA region. The MENA region entails the Middle East and North Africa.