The founder of Binance, the cryptocurrency trading platform, has dismissed fears that virtual money could be used by the Kremlin to evade sanctions as he claimed that “ crypto is too small for Russia ”.
“Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions,” he said. “The truth is, cryptocurren is too small for Russia. If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto). Of those, most only have a small percentage of their net worth in crypto. Less than 10% on average. So, there is probably only less than 0.3% of the global net worth in crypto today. This percentage applies equally to Russia.”
Zhao, whose personal wealth has been estimated at $1.9bn (£1bn) by Forbes magazine’s billionaires list, said this week Binance had donated $10m to aid the humanitarian effort in Ukraine and help those fleeing the conflict.
Meanwhile, BTC and Ethereum broke key support this weekend.
- Bitcoin Dropped below $38k
- Ethereum is down 3.8%
- Altcoin dive up to 8%
Many investors see Bitcoin’s price swings as part of the game, but this “volatility’’ is tough for some individual investors. For most of this year, Bitcoin has been trading sideways, failing to sustain any advances above $45,000. Edward Moya, senior market analyst at Oanda, wrote in a note on Friday that “Bitcoin’s broadening formation could see selling pressure look to test the $37,000 area.”