Binance CZ Fires Back At BIS Chief In Fiat Vs Crypto Debate: “Tech Isn’t Fighting With Anyone”

Changpeng Zhao, CEO of Binance, on Wednesday responded to Bank for International Settlements (BIS) chief Agustín Carsten's harsh criticism of cryptocurrencies.

What happened: In an interview with Bloomberg, Carsten said that fiat currencies "won the battle" against cryptocurrencies and that "technology doesn't make trust money".

Zhao responded to the criticism saying that "It's not a battle. The technology doesn't fight with anyone. You use it if you like, and don't use it if you don't like it. That's it."

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Why it matters: Mike Novogratz, CEO of Galaxy Digital, said that over the past decade, many fiat currencies have depreciated by more than 50%. "I think Carstens has a stubborn opinion that just ignores the facts," he said.

Novogratz added: "Bitcoin BTC/USD and Ethereum ETH/USD appreciated a ton", earning the trust of over "200 million people".

Price Action: At the time of writing, BTC was trading at $24,484 up 1.70% and ETH at $1,669, in up 1.68% in the last 24 hours, according to Benzinga Pro.

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