I Only Hold Crypto, I Don't Have Any Fiat, Says Binance's CZ

Although the crypto markets plummeted following a brief rally that sent Bitcoin beyond $32,000, Changpeng Zhao, the CEO of the world's largest crypto exchange by trading volume, repeated his positive outlook for the sector in the long run. He argued that the asset is both an investment and a currency, and that given current volatility, the crypto industry would continue to expand.

In a recent interview with CNBC, Binance CEO CZ revealed to interviewer Becky Quick why he exclusively uses cryptocurrency to buy burritos. Quick started the debate by querying if cryptocurrencies are a currency or an investment.

Cryptocurrencies and fiat currencies are convertible, according to CZ. Digital assets may be used to buy items in life and to replenish fiat reserves for future investment. Binance is a cryptocurrency exchange that allows consumers to shop, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Faith Tribe, and many others.

He also mentioned that bitcoin is far more ideal for cross-border payments than currency since it is considerably cheaper and faster. He went on to say that when it comes to contributions, crypto has shown to be a superior option because it allows a tiny donation amount to be transmitted, a feature that is now unavailable in the traditional payment method.

CZ highlighted a number of key sectors of the business, including NFT, DeFi, and more, in reaction to the lack of institutional adoption in the crypto world. Non-fungible tokens, he said, are "a killer app for artists," enabling them to monetize their work in new ways.

I don't have any bucks. Cryptos are the only thing I have. As a result, if I need to spend money, I have to spend some of it elsewhere. I'm completely engrossed with cryptos. I don't have to consider selling cryptocurrency. My money is cryptocurrency.