Bitcoin is here to stay even as new innovations develop — Bybit founder

Cointelegraph’s editor-in-chief Kristina Cornèr interviewed Bybit founder Ben Zhou on the System 1 Grand Prix at Monaco, discussing matters like educating newcomers in crypto, the results of the Terra (LUNA) — now often known as Luna Traditional (LUNC) — debacle on institutional curiosity and the survival of Bitcoin (BTC) amid new developments within the trade. 

In keeping with Zhou, the agency’s partnership with Pink Bull Racing has allowed them to succeed in an viewers that’s new to crypto. Due to this, the Bybit founder famous that their workforce has been placing some concentrate on training. “Schooling is one half. We concentrate on educating individuals why and the way is crypto taking part in a component,” Zhou mentioned.

Aside from educating newcomers, the duo additionally talked about how the latest Terra collapse has affected the curiosity of institutional buyers’ belief in crypto. Weighing in on the subject, Zhou mentioned that occasions just like the Terra crash can occur with any new trade. He famous that:

“LUNA was not the primary type of collapse that we have seen. I believe we’ll recover from it and steadily transfer on.”

When requested if Bitcoin will stay the principle crypto within the area within the coming years as new improvements like nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse turns into extra developed, Zhou expressed that whereas the long run is unsure, he stay’s “bullish.” He defined that:

“I imagine Bitcoin is right here to remain for certain. For me, Bitcoin is a retailer of worth. It is type of like gold, proper? […] There is a concrete want for it.”

Zhou additionally highlighted that he believes in crypto as a result of it redistributes energy. The Bybit founder famous that “crypto is known as a revolution for the monetary system.” Whereas conventional finance is managed by a couple of, Zhou famous that crypto offers energy again to the individuals.

Associated: F1 Monaco GP: Bybit’s Pink Bull Racing NFTs, crypto-F1 partnerships and extra

Again in April, Bybit expanded its companies into crypto choices buying and selling, letting its customers commerce choices and perpetuals utilizing USD Coin (USDC). In keeping with the change, the transfer was an try to succeed in buyers who’re extra acquainted with conventional finance markets.