Binance chief executive Richard Teng says the world is now “at the start of a five to 10-year period of huge transformation” in financial services, driven by the convergence of artificial intelligence, blockchain and the rapid uptake of stablecoins.
The momentum behind these technologies, he said, is now strong enough that both governments and global corporations are accelerating adoption to maintain their competitive edge.
“We have come from anti-crypto … to now [US] President [Donald] Trump saying that we are the crypto capital of the world,” Mr Teng told The National on Thursday at Binance Blockchain Week in Dubai, pointing to a shift that has drawn in institutions, sovereign entities and family offices.
“Everybody needs to reposition themselves to maintain their competitive edge.”
Crypto flash
Mr Teng's comments come during one of the most volatile months the industry has faced this year. The latest sell-off, during which Bitcoin fell more than $18,000 in November, rattled both seasoned investors and newcomers.
Bitcoin, the world’s largest digital currency, traded at $93,193,82 at 1.13pm on Thursday and is down more than 30 per cent from a peak above $126,000 set in early October. Ether and other major tokens also edged higher.
The move marked a deep institutional move away from risk, as leveraged positions unwound in tandem with a global pullback from risk assets. Liquidity evaporated quickly across digital tokens, mirroring reversals in artificial intelligence equities and other thematic trades.
Mr Teng said the turbulence reaffirmed that crypto is now tightly intertwined with global market cycles.
“For any asset class, you go through cycles. What happened in November doesn’t just happen in crypto. It happens in US equities as well,” he said.
He pointed to the US government shutdown and shifting expectations over Federal Reserve policy as drivers of short term uncertainty.
“We have to take a long-term look here. Anytime somebody says crypto or Bitcoin is dead, and you buy, you’ll be in a very, very comfortable position right now,” he said.
On the Binance stage on Wednesday, MicroStrategy executive chairman Michael Saylor urged investors not to recoil from uncertainty, insisting that volatility “is not something to run away from”.
His comme
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