Binance CEO Changpeng Zhao claimed that the energy consumption for mining bitcoins (BTC) is one of the most “transparent” in the world because it can be publicly audited.
During an interview with CNBC, Zhao indicated that this type of oversight does not happen with banks or traditional financial companies.
“Unlike banks, the world can see the amount of electricity needed to mine one bitcoin,” he said.
Changpeng Zhao argued that this is one of the reasons why bitcoin should be massively adopted, as no other asset is above its caliber.
“I firmly believe that bitcoin mining is far more efficient than any other model used to manage any other type of asset,” he said.
Electricity consumption of the traditional financial system
The Binance CEO stressed that the traditional financial system cannot be given an accurate calculation of how much electrical power they consume.
“These kinds of irregularities happen all the time with big banks in big cities around the world,” he noted.
He reminded that blockchain technology is one of the most efficient technologies to transfer value у optimize a company’s finances.
Changpeng Zhao pointed out that bitcoin will remain transparent against traditional systems because mining costs are easy to calculate.
Cryptocurrencies occupy a prominent place in the markets
Binance’s top figure said that despite the downturn in the cryptocurrency market, bitcoin and other digital assets have taken a prominent place in recent months.
He said that the adoption of cryptocurrencies resulting from Covid-19 attracted a large number of people to the ecosystem who were not betting on them.
With the price drop of cryptocurrencies, many skeptical people jumped ship, which led to a massive sell-off of assets.
“The cryptomarket should only attract believers. It should only attract people who are in it for its technology, who understand how to use it. I think that’s the most acceptable reality,” he pointed out.
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