“Bitcoin is more stable than Tesla and Apple,” says Changpeng Zhao, a crypto trader.
According to Changpeng Zhao, CEO of cryptocurrency exchange Binance, bitcoin is less volatile than stocks like Tesla and Apple. He also hopes the exchange will receive “positive news” in its ongoing fight with international regulators.
Many tech stocks are more volatile than Bitcoin
As Changpeng Zhao commented in a recent interview with the Financial Times, Bitcoin has been “more stable” than the stock prices of big companies like Elon Musk’s Tesla and even Apple:
Many tech stocks have been more volatile than bitcoin over the past two years, according to the report. According to the study’s conclusions, bitcoin is more stable than Tesla or Apple.”
In particular, Tesla’s stock price has fluctuated dramatically in recent years. In early 2020, a single share was worth around $90. In November 2021, Tesla reached a price of $1,243. After that, it started to lose ground, dipping below $800 at one point over the course of many months. It is currently valued at around $930.
Apple, meanwhile, experienced modest share price volatility, which can be explained by the company’s nearly 50-year public listing. As many companies tried to cope with the COVID-19 outbreak, Apple’s stock price continued to rise gradually. In January, the stock hit a high of nearly $183. However, it is now selling for about $160, which is 13% less than its maximum.
Many others, however, believe that the price of bitcoin is more volatile, with regular double-digit swings in its value.
It is also a relatively new product, with significant price volatility in its early stages of development. Google and Amazon were pretty unpredictable early in their respective careers, but are now among the most stable and publicly traded companies in the world.
Regulators and Binance
Several regulatory bodies have lately expressed their discontent with the world’s largest cryptocurrency exchange. The FCA in the UK, the EU and the FSCA in South Africa are just a few examples.
CZ revealed in November last year that Binance will be reorganized to meet regulatory requirements. He stated that the company will be transformed into a bank with a consolidated headquarters.
In a recent interview, the executive expressed confidence in the future partnership between Binance and international regulators. He recalled that the US branch of the exchange is licensed in 45 states, and that “good news” about the expansion of the exchange in other countries is on the way:
“There are 45 state licenses in the United States.” The United States and other nations, especially the G7 countries, have made great progress in recent months, and I anticipate good news in the coming weeks.”
