Binance founder Changpeng Zhao (CZ) hosted an online AMA on Binance Square on February 12 evening. During the nearly two-hour livestream, CZ offered practical, long-term views on crypto market cycles, industry competition, Meme coin risks, and African opportunities. He stated that the current bear market differs from previous ones, as US policies are reshaping Bitcoin's so-called four-year cycle.
US Policies Could End Bitcoin's Halving Cycle
CZ noted that Bitcoin's traditional four-year halving-driven price cycle is being disrupted by macro policy forces. He specifically highlighted that the new US administration has shown unprecedented support for crypto, pushing forward relevant legislation — a historic positive signal. He believes the US pro-crypto stance could trigger a domino effect, prompting other countries to follow. Although short-term market noise and FUD persist, long-term appreciation potential for Bitcoin and major crypto assets remains solid.
CEX and DEX Will Coexist Long-Term; Market Far from Saturation
Addressing the debate between centralized exchanges (CEX) and decentralized exchanges (DEX), CZ predicted they will coexist for the long haul. DEX suits tech-savvy users who demand high security awareness, while CEX offers user-friendly interfaces with customer support. Global crypto adoption sits at only 8-10%, with asset allocation depth below 1%. Most users start with CEX and gradually migrate to DEX as they gain knowledge. CZ said the market is large enough to accommodate thousands of platforms — the two models are complementary, not zero-sum.
Meme Coins: High Risk, Culture and Community Key to Survival
On Meme coins, CZ admitted he is "not a great Meme trader" and warned followers that buying Meme coins based on his tweets would "guarantee losses." He argued that for a Meme coin to survive long-term, it must possess strong cultural identity and a loyal community, like Dogecoin and Floki. For new projects, he advised those unfamiliar to "basically stay away" to avoid high-risk short-term losses.
Builders Should Focus on Product Value, Not Price
CZ encouraged industry builders to ignore market ups and downs and concentrate on creating products that people will use long-term, such as wallets, trading tools, payment stablecoins, or tokenized assets. User retention depends on product functionality, not token price. If issuing a token, teams must continuously update the product, transparently share roadmaps, and communicate frequently with the community to help holders rationally assess risks and opportunities.
Africa: A Golden Opportunity for Crypto Platforms
CZ highlighted Africa as a strategic opportunity for crypto platforms. Binance has committed the most resources there, and CZ himself has visited over 12 African countries. Despite low GDP per capita and limited short-term returns, Africa's banking penetration is below 11% while smartphone adoption is rising rapidly, allowing users to leapfrog traditional finance into crypto. Empowering Africa’s population, he said, will bring long-term economic growth and returns.
Sharing his personal mindset, CZ emphasized that he values contribution to society over asset rankings. He called himself "selfishly" doing good deeds because helping others makes him happy. After the volatility of the past two years, he cherishes simple joys more; Binance runs stably, allowing him to freely pursue impactful work for society.