Many cryptocurrency players, according to Binance CEO, "get distracted" by Money.

Instead of going off on a tangent by the money in the sector, concentrate on the foundations of cryptocurrency tech and developing into a trustworthy player in finance, advised Binance founder and CEO Changpeng “CZ” Zhao while having tea at the World Economic Forum in Davos.

“When the tide recedes, all the hype goes away and it‘s the fundamentals that matter,” the CEO mentioned, “In our industry, we’re so close to the money … so many people get distracted by that and thats all they focus on,” he noted.

Even though it continues to be the world's biggest cryptocurrency exchange, Binance has drawn criticism when financial services firm Mazars withdrew the firm's “proof of reserves” report, which aimed to confirm the exchange's holdings.

Additionally, Binance has acknowledged that BUSD, their stablecoin, was not really completely backed by reserves.

CZ reaffirmed his conviction that the philosophy underlying the technology won't be lost and that the emergence of crypto as a new default payments system must be modest.

“We actually need to proceed slowly and carefully and steadily, so that we don't cause major disruptions,” Zhao said. “It‘s not about any single coin, blockchain or exchange, it’s the fundamental technology thats being evolved and will continue to evolve.”

Although they have their ups and downs, cryptocurrencies remain a solid long-term investment prospect in 2022. The main growth factors are rising market capitalisation, the introduction of new, reliable firms, and practical opportunities connected to fundamental blockchain technology.

In the meantime, cryptocurrency day traders are also profiting from the market's ups and downs. The two main emotions impacting investors' decision-making are fear and greed, and both traders and shareholders use an index dubbed the crypto fear and greed index.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

iOS: t.ly/UUCj

Android: t.ly/cfYt