AI Crypto becoming the next hotspot? Binance CZ: Land registry and identity verification are the breakthrough points for Blockchain.

Binance founder CZ spoke at the Token2049 conference held in Dubai on May 3rd, discussing his long-term faith in Bitcoin, the potential of Blockchain, and the future of AI encryption (AI Crypto). He also pointed out that the most lacking in the current entrepreneurial circle are "executive leaders with a sense of mission." Finally, he emphasized that he has always been optimistic about the development of Blockchain, regardless of bull or bear markets.

The market is hard to predict, but in the long term, we are still in the early stages.

CZ was the first to express that, whether it was the encryption winter of 2019 or the volatility period of 2022 and 2023, he has always been bullish.

He believes that although the market generally presents a "four-year cycle," no one can accurately judge whether this round will be long or short. However, if viewed over a 10-year period, it is still in the early stages, not just Bitcoin, but Ethereum as well.

"Many people talk about how various coins are doing, but to be honest, there are very few that can outperform Bitcoin in the long run, and they all start from a very small market cap." He emphasized.

ETF funds boost Bitcoin, institutional migration still takes time

He pointed out that the biggest momentum of this bull market comes from the "ETF capital influx," and this capital is basically flowing into Bitcoin, so Ethereum and other altcoins have relatively less increase.

"As long as money enters the coin circle, it will eventually spread out." CZ emphasized.

Institutions typically transition from Bitcoin (BTC) to Ethereum and other assets at a slower pace, but the direction will be consistent.

Local regulation and infrastructure restrictions hinder global efficiency

When it comes to regulation, CZ admitted that many governments are still attached to "localization" solutions, including:

Custody

Order Book

Operations Team

But he reminded that this is very inefficient, especially since the cold wallet design requires trusted personnel to sign in a globally distributed manner, which cannot be replicated in every country.

"It's already difficult for us to set up a globally secure custody solution, let alone 200 of them," CZ said with a wry smile.

Countries are gradually entering the market, with the United States and Bhutan holding coin reserves.

Interestingly, he revealed that Bhutan, some developing countries, and the United States have actually incorporated Bitcoin into their national asset reserves.

Bhutan even started mining with clean energy a few years ago, and now has increased its holdings of Ethereum (ETH) and BNB.

"Once major countries start to hoard coins, small countries are forced to follow, because the later you enter the market, the higher the cost will be," CZ emphasized.

( Driven by central bank financing, Bhutan has become the world's fourth largest BTC holder )

Call on small countries to use third-party custody first, and then large countries to build their own cold wallets.

CZ revealed that he is assisting multiple countries in designing "cryptocurrency strategic reserves" and providing practical advice.

"Countries with limited assets can first use multi-signature third-party custody, and when the reserve amount reaches a certain scale, they can then build their own cold wallets to avoid excessive risk," CZ emphasized.

( Binance CZ becomes a blockchain advisor for Kyrgyzstan! From gold stablecoins to agricultural chains, striving to be the Web3 innovation hub in Central Asia )

It is said that entrepreneurial fundraising is too easy, and the sense of mission is becoming increasingly scarce.

He lamented that fundraising has become too easy now, from ICOs to NFTs, and then to meme coins; as long as there is an image and a story, it can be listed, which ironically has caused some project leaders to become "relaxed as soon as they receive the money."

"What we lack is not money, but founders who have a sense of mission, can execute, and have perseverance," emphasized CZ.

The real application of Blockchain has not yet begun; land registry and identity verification are the breakthrough points.

In addition to financial applications, he believes that true non-financial blockchain applications should start from the following points:

Land ownership registration

Digital Identity Verification

For example, in places like Africa or Japan, land registration still relies on paper documents, which are difficult to recover if lost. This is a problem that Blockchain can solve.

The combination of AI and Blockchain has just begun, and data sovereignty is key.

Speaking of AI, he believes the next focus is on "AI using cryptocurrency", because AI cannot swipe cards or receive SMS verification; its settlement method can only be cryptocurrency (Crypto).

"The currency of AI will be cryptocurrency, and AI requires massive amounts of data for training. If this data is extracted through blockchain, privacy and sovereignty can be preserved," he stated.

The market will lose accuracy, trends will not change, Blockchain and AI are the future.

Finally, CZ admitted that there were many incorrect predictions in the past, such as underestimating the influence of stablecoins and not anticipating that meme coins would become so popular. But he emphasized:

"I never predict market trends in the short term, but the long-term direction is very clear. AI and Blockchain will definitely become key technologies in the future."

Is this article about AI Crypto becoming the next hot topic? Binance CZ: Land registration and identity verification become breakthroughs in Blockchain, first appeared in Chain News ABMedia.