CZ: "everyone will be in crypto," says it's "inevitable"

22 Mar, 2019 | Updated: 22 Mar, 2019
by Richard Allen
Opinion
CZ: everyone will be in crypto, says it's inevitable

On Wednesday, March 20, Binance chief executive Changpeng “CZ” Zhao tweeted his disagreement with a recent comment made by JP Morgan executive Ron Karpovich who suggested banks would always be needed for moving funds.

Karpovich, Global Head of eCommerce said in an interview with CNBC’s Squawk Box that doesn’t believe a specific cryptocurrency will be the ultimate payment solution.

CZ disagreed with this statement, arguing that “many (not so small) businesses already don’t use banks, and they work just fine.”

The biggest expense any company faces in employee salaries, which has traditionally been handled through banks. In August last year, Chepicap reported that Michael Arrington, founder of TechCrunch, was told by CZ that 90% of Binance’s employees are paid in Binance Coin (BNB).

Read more: At Binance, 90% of employees are paid in Binance Coin

Additionally, Jack Dorsey, Twitter and Square CEO tweeted:

Ultimately, CZ says, “Everyone will be in crypto,” making it the dominant form of payment. As such, even JP Morgan, America’s largest bank, will have to use crypto.

One user replying to CZ’s tweet called out the Binance CEO stating he supported six banks issuing stablecoins on IBM’s World Wire platform.

Read more: 6 international banks to launch stablecoins on IBM and Stellar’s World Wire

Cz responded with: 

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