BitMEX Founder Criticizes Unfair Treatment of CZ
Arthur Hayes, the founder of BitMEX, has voiced his perspective on the unfair treatment of Changpeng Zhao (CZ), the former CEO of Binance, by American authorities. Hayes criticizes the treatment as absurd and inconsistent, highlighting its arbitrary nature.
Hayes Recounts CZ’s Story
In his statement, Hayes begins with a playful reference to a Biblical verse and then proceeds to recount CZ’s journey. He highlights how CZ quickly became a billionaire by offering crypto trading services through Binance, which was seen as a symbol of financial freedom and an opportunity to speculate on new systems.
The Power of Ordinary Individuals
Hayes argues that the issue lies in the fact that platforms like Binance are run by ordinary individuals rather than political or financial establishments. He emphasizes that these individuals allow others to participate in the Industrial Revolution within minutes using mobile apps or desktop platforms.
Different Treatment for Financial Giants
Hayes draws attention to the stark contrast in treatment between CZ and Binance compared to traditional institutions like Goldman Sachs and HSBC. He observes that those overseeing large platforms often use state and legal mechanisms to reduce the influence of institutions governing the global financial system.
Blockchain’s Transformative Power
According to Hayes, the unjust treatment highlights the transformative potential of blockchain technology. He believes that the blockchain ecosystem is establishing a parallel system to finance, politics, and economics. Through voluntary participation instead of coercion, this new system enables individuals to accumulate wealth in a decade.
The Necessity of Long-Term Investments
Hayes argues that CZ’s and Binance’s treatment should motivate individuals to make long-term investments in cryptocurrencies like Bitcoin. He advises crypto holders to store their assets in wallets they control to ensure financial independence.
Hot Take: Unfair Treatment of CZ Highlights the Need for a Decentralized System
The unfair treatment of Changpeng Zhao and Binance by American authorities showcases the arbitrary nature of punishment and the importance of a decentralized system. Arthur Hayes, the founder of BitMEX, criticizes this treatment and emphasizes the transformative power of blockchain technology. The ability for ordinary individuals to participate in the financial revolution within minutes is unprecedented but often faces severe consequences compared to traditional institutions. This highlights the need for long-term investments in cryptocurrencies and the importance of storing assets in personal wallets for financial independence.
By
By
By
By