--- title: "Binance Guy Says the Crypto Crash is Good, Actually" description: "According to Binance CEO Changpeng \"CZ\" Zhao, the devastating crypto bear market is ultimately good — \"healthy,\" even — for the market." date: "2022-09-23" modified: "2022-09-23" authors: - name: "Maggie Harrison Dupré" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/mharrison" url: "https://futurism.com/the-byte/binance-crypto-crash-good-actually" categories: - "Blockchain" - "Cryptocurrency" - "Future Society" tags: - "binance" - "crypto" - "crypto bro" - "the digest" --- # Binance Guy Says the Crypto Crash is Good, Actually ![According to Binance CEO Changpeng "CZ" Zhao, the devastating crypto bear market is ultimately good — "healthy," even — for the market.]() *\Image: Futurism\* ## Oh, Okay One trillion dollars vaporized to nothing? Down [payments]() and [Bachelorette dads' savings]() lost to the wind? Sounds terrible. But not to crypto celeb and [Binance CEO Changpeng "CZ" Zhao]()! According to the man at the helm of the world's largest crypto exchange by volume, the devastating crypto bear market is ultimately good — "healthy," even — for the market. "Price corrections are actually good," the crypto exec said at this week's Mainnet Conference, [as spotted by *Decrypt*](), emphasizing that the market is still "early" — effectively arguing that crashes and value losses are basically just industry growing pains. ## BabyCoins The Binance bigwig certainly isn't alone in his thinking. While some[ crypto investors]() have sworn off the assets completely, others, Changpeng included, have expressed their [undying faith]() in the embattled industry. You have to break a few eggs to make an omelet, right? "Crypto is so early," he reportedly said, adding that investors, who he encouraged to "ride out the winter," should measure crypto's worth not by value, but by the amount of people who buy, use, and trade it. "We're not in a saturated market." To that point, though: that's the exact thinking that led *a lot* of people to financial devastation in the first place. Sure, compared to traditional assets, the cryptosphere is still in its relative infancy. But the idea that blind faith is just part of the deal — an ideology that crypto exchange FTX went as far as to [push in a Super Bowl ad]() — has already done untold billions in damages to smalltime, low information investors. The "Crypto is Just a Baby" argument feels a bit unconvincing in light of the very real damage it's caused, especially from a dude at the top of a company that [swallowed a whole lot of investor funds](). But hey, keep ridin' that winter out, guy. Oh, and if anyone indeed uses the [currently-being-sued]() Binance anytime soon, do heed its [warning pop-up](). **READ MORE:** *[Binance CEO: Bitcoin Bear Market Is 'Healthy' for Crypto Industry Long Term]()* \[*Decrypt*\] **More on Binance:** *[Class-action Lawsuit Alleges Binance Misled Investors over "Stablecoin"]()* ## Author At Futurism, I've reported extensively on the rise of AI as a cultural and business force shaping the media industry, and more broadly how those dynamics are changing how we all consume and share information and relate to one another. I'm also fascinated by public health policy and ethics, the role of emerging tech in politics and governance — and the powerful people and forces at those intersections — climate change, and the environment. My investigation on Sports Illustrated's use of AI-generated authors with fictional biographies won a 2024 Mirror Award for "Best Story on Media Coverage of Artificial Intelligence in Journalism and the Media" from Syracuse University's SI Newhouse School, I contributed to Niemen Lab's 2025 Predictions for Journalism series, and I've discussed my work for Futurism during appearances on NPR, CNN, the BBC, the CBC, and more. I grew up in rural Pennsylvania and attended the University of Massachusetts Amherst, where I played Division I field hockey for the Minutewomen as a midfielder. Since then, I've lived in New Orleans, Louisiana and Manhattan, New York. I spend my free time running, reading, perusing archival fashion, and searching for the world’s best negroni. I also have a debonair tuxedo cat, Westley, who's named after "The Princess Bride." ### Author social links [Bluesky]()