CZ MIAMI SPEECH: ENCRYPTED CURRENCY WILL BECOME THE ORIGINAL CURRENCY OF AI INTELLIGENCE
♪ Compiled, made, Wu said ♪
This post is part of our special coverage of the United Nations Conference on Human Settlements (Habitat II). CZ, frankly, has deliberately evaded the United States over the past few years, but has observed a 180-degree turn in the past year in encryption policy, which now leads the world in terms of clarity of legislation (such as CLAARTY Act) and brain gain. He noted that while the United States had the best talent and financial markets, it still lacked the best encryption liquidity globally, and that the BNB ecology would work to fill that gap and promote the layout of the United States market by the Currency Exchange, BNB Layer 2 (opBNB)。
In terms of technology foresight, CZ believes that encrypted currency will be the inevitable choice for AI Intelligence. As AI has cross-border, high-frequency transaction properties, traditional credit card networks (without API support) will not be able to meet their micropayment needs and block chains will become the financial infrastructure of the AI era. He stressed that the objective of BNB Chain was to become the currency of an “intellectual body” and to facilitate the transition of the exchange to “AI Ready”。
Turning to the personal situation, CZ indicated that it had entered a new phase in its life and no longer intended to operate new start-ups. He focused on four core areas: investing in and mentoring start-ups through YZi Labs (formerly Binance Labs), supporting BNB Chain ecological construction, investing in the Giggle Academy project, which provides free education, and providing encrypted regulatory advice to Governments in over a dozen countries, including the United Arab Emirates, Thailand and others。
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Encryption Policy Assessment: The United States Regulatory Shift to Lead the World
Michael Lau: You haven't spent much time in America lately. This is the first time you have had a major public exchange with us in the recent past. What does it mean for you to be here
CZ: I WANT TO SAY VERY FRANKLY THAT OVER THE PAST FEW YEARS I HAVE TRIED TO AVOID THE UNITED STATES. SO I KEPT MY HEAD DOWN AND KEPT MY EYES OPEN. BUT I THINK IT IS CLEAR THAT US POLICY ON ENCRYPTED CURRENCY HAS CHANGED IN THE PAST YEAR AND A HALF. NOW WE MUST MAKE UP FOR THE PREVIOUS ABSENCE。
Therefore, I believe that we had a lack of contact with the American community, a lack of communication with United States developers, regulators, policymakers, etc. And there's a lot of misunderstanding about me, BNB Chain and our ecosystem. So I came here to spend more time with more of our community members and to hope that these issues can be addressed。
Michael Lau: You travel around the world talking to all of these people who have a major influence and role in policy and regulation. I want to know, please, an assessment of what is happening in the United States. How is it compared to what is happening in the rest of the world? Let me share your views on the current situation。
CZ: I THINK THE UNITED STATES HAS A VERY POWERFUL DOCUMENT, THE AMERICAN CONSTITUTION. SO THE U.S. CAN MAKE A BIG 180-DEGREE TURN ON SOME POLICIES, AND IT CAN FIX ITSELF, AND IT CAN FIX IT VERY QUICKLY. THE UNITED STATES HAS A FUNDAMENTAL ADVANTAGE, WITH TALENT RESERVES, FINANCIAL MARKETS AND TRADITIONAL REGULATORY FRAMEWORKS, AND IS NOW VERY FORWARD-LOOKING. SO THINGS CAN CHANGE QUICKLY。
I think the United States is now a global leader in encryption policy. Most other countries do not have the speed and confidence to move quickly to a policy of encryption regulation. The clarity of regulation is being discussed in various new bills. Despite some minor problems, the United States is moving forward very quickly。
It is believed that many encrypted American practitioners are now returning. Many had left the United States before, and they had gone to Abu Dhabi, Hong Kong, Singapore and many developers had left, and they had not planned to return. But now we see developers coming back. What is currently lacking in the United States is optimal mobility. The best mobility in encryption is outside the United States. Thus, the encryption market is one of the few markets in which the United States does not have the best price. It is hoped that we can help resolve this problem。
I think that in our ecosystem, coins have the best liquidity in this market. We very much hope that such mobility will be provided in some way. Whether to bring back the coin, or revive the Binance US, or in some other way provide the best liquidity and best prices in the world for American consumers。
BNB ECOVALIDATION: FILLING THE LIQUIDITY GAP AND UNLOCKING INSTITUTIONAL FUNDING POTENTIAL
Michael Lau: When it comes to mobility, I would also like to talk about BNB. Are you thinking about mobility in DeFi's direction
CZ: BNB Chain has also tried to stay away from the US market in the last few years, so they're not doing enough business here. I think they have made some changes since last year. They now have a family of developers in New York, and I believe there is a small business layout in San Francisco. And they have organized more and more events here。
YZi Labs is now investing more in the United States, and over the past few years we have just tried to avoid doing so. So now all activities are on track. I don't think BNB Chain gets much exposure in America. I think other Layer 1 block chains have done more marketing in the United States, community building, and building a family of developers. I think it's gonna change, and it's starting to change. I would also like to see more such initiatives。
ALSO REGARDING BNB TOKENS, U.S. AGENCIES WERE NOT ABLE TO REACH BNB UNTIL RECENTLY. SO BNB'S ETF IS NOT AS POPULAR OR AS DEVELOPED AS OTHER CURRENCIES' ETFS. BNB'S A LITTLE BEHIND ON THIS. AT THE SAME TIME, THE LACK OF ACCESS TO BNB IS ACTUALLY AN OPPORTUNITY FOR BNB INVESTORS. WHEN INSTITUTIONAL FUNDS ENTER, THEY ARE USUALLY BENEFICIAL TO THE COIN. SO THERE'S STILL A LOT OF ROOM FOR RISE IN THE US MARKET。
Michael Lau: Let's talk about BNB. As you mentioned earlier, real outreach or education in the United States over the past few years has not been the focus. We've got a lot of people in the chain. If I had asked you to make a presentation, and given that these information and knowledge may not have been well communicated to the United States recently, why would they consider developing on BNB Chain
CZ: BNB Chain is actually a very large, integrated and complete ecosystem. It's actually the most active block chain network. It actually contains three block chains: BNB Smart Chain, opBNB as Layer 2, and a decentralised storage block chain Greenfield. Most importantly, there are many different ecosystem players within BNB Chain。
There is PancakeSwap, one of the most active go-to-centre exchanges, and there is a permanent contract to go to the central exchange Aster, which currently ranks second. It's still a little smaller than Hyperliquid, but it's second place and growing fast. Besides, you've got a loan agreement like Lista and Venus. These are very popular in other places, such as Asia and Africa, but not very popular in the United States, and I believe that the American community is not yet involved in these areas。
And then in the same ecosystem, you have the Currency Exchange, Trust Wallet and CoinMarketCap. So this is a fairly complete and dynamic ecosystem, but it is not widely used in the United States, which effectively excludes American consumers. So we want to solve this。
INDUSTRY TREND JUDGEMENT: AI SMARTS RESHAPE PAYMENT AND TRADING PATTERNS IN ENCRYPTED CURRENCY
Michael Lau: Is real world asset monetization (RWA) underestimated or overvalued
CZ: ACTUALLY, I THINK IT'S UNDERESTIMATED NOW. A YEAR AGO I THOUGHT IT HAD BEEN OVERESTIMATED, BUT NOW MY OPINION HAS CHANGED. I THINK IT'S REAL, RWA IS REAL。
Michael Lau: Okay. What about the agency's use of encrypted money
CZ: IT'S JUST BEGINNING. WE'VE JUST SEEN A SMALL ONE。
Michael Lau: What about our industry's obsession with meetings
CZ: I feel good. I mean, for us, too many meetings have been attended, and it feels very repetitive. But I think it's important that each population group is slightly different and geographically different. It is also a good way to bring the builders together for short, quick meetings, because we all gather here at the same time, and you can arrange a lot of quick meetings. Otherwise, if you're going to schedule separate meetings, you're going to have to go to them for hours each time. So this is an excellent way for people to connect. I think the meeting was quite good, and the General Assembly has done very well over the years。
Michael Lau: I think you made a comment in Davos earlier this year that AI's original currency of intelligence will be encrypted. And you also believe that smarts will pay millions more than humans. Can you tell us more about why you think this is the inevitable future? And why is it encrypted money rather than, for example, more traditional payment channels
CZ: LET'S LOOK BACK A LITTLE. IN MY ADULT LIFE, THERE ARE THREE BASIC TECHNOLOGIES: INTERNET, BLOCK CHAINS AND AI. ALL THREE TECHNOLOGIES ARE BORDERLESS, GLOBAL, RIGHT? SO YOU CAN SEND MESSAGES TO ANYONE ANYWHERE IN THE WORLD. IT'S 3:00 IN THE MORNING AND YOU CAN DO IT. BUT AT 3:00 A.M. ON THE WEEKEND YOU CAN'T SEND MONEY. MONEY IS RESTRICTED BY THE STATE. BUT NOW WE HAVE THE TECHNOLOGY TO KEEP THE MONEY WITHOUT BORDERS. IT SHOULD BE A HIGHLY INTEGRATED, LOW-COST, INSTANTANEOUS GLOBAL MARKET. PERMITS ARE GENERALLY NOT REQUIRED。
AI IS ALSO A TECHNOLOGY WITHOUT BORDERS. LIKEWISE, AI IS MORE CENTRAL THAN ENCRYPTED CURRENCY. SO THERE'S ONLY A FEW AI COMPANIES THAT ARE INVOLVED IN GEOPOLITICS FOR REASONS SUCH AS NATIONAL SECURITY. I'M A TECH, SO I DON'T TOUCH THOSE THINGS. BUT FUNDAMENTALLY, YOUR INTELLIGENCE CAN INTERACT WITH ANOTHER PART OF THE WORLD。
For example, if your smart body interacts with someone in Pakistan, who may be a programmer, who may be a designer, who may be working for you, or vice versa, you need to make a deal, so the deal can be between your smart body and his smart body。
Or someone from Singapore who wants to attend a conference in Miami, his smart body can talk to Expedia's smart body and book tickets and hotels. Smart people spend time looking for you. For example, the hotels here are expensive and fully booked. All this should be done by intelligent bodies。
And then when people in Singapore want to pay, credit cards work, but smart people don't know how to use your credit cards. The credit card doesn't have an API, so the most primitive thing for an intelligent body is obviously a block chain. If Expedia did actually accept encrypted money for some time, I don't know if they still do. If they accept your encrypted money, then the direct transfer of smarts is very simple, very fast. This is the most natural technology. That is just how we use it at a very basic level。
I think there will be a lot of demand for future payments for smarts. And smart people can do more micro-trading. It's like, I don't want to spend $200 on a newspaper, but sometimes I want to spend $1 to read an article. And then I want my smart body to pay. For this dollar, I don't want to enter credit card information and all of this. Smart people trade at very high frequencies。
Today, if you open a coin app, you'll see a bunch of charts, a bunch of numbers, and then you'll have to choose a chart, zoom in, figure out the price, enter the price on the phone, enter the quantity, then click on the red or green button. It's very counterintuitive. What you should do is turn on the phone and say, "Let me see my portfolio. What happened in the past 24 hours? What's changed in my portfolio? What news? Is Clarity Act passed? Is the war over?"
And then he said, "Well, I'd like to change my 10% stability to BNB." If you've got a lot of space, this should be done in the backstage by intelligence. The technology to make it work today already exists, but no one has yet constructed it. So the interaction of intelligence with you is a more natural human interaction. If you expand, I think all the quantitative agencies now use AI to some extent for training, data analysis, etc. In the future, it's the smarts that are trading. All exchanges need to be prepared for intelligent bodies。
I THINK AI IS A BASIC TECHNOLOGY THAT CAN CHANGE MANY DIFFERENT PARTS OF OUR WORLD, BUT AI STILL NEEDS MONEY. SO THE BLOCK CHAIN WON'T DISAPPEAR. AI WON'T MAKE US NEED MONEY SUDDENLY BECAUSE WE HAVE INTELLIGENCE. MONEY IS A FUNDAMENTAL CONCEPT OF THE ECONOMY, AND IT DRIVES EVERYTHING. SO THE BLOCK CHAIN WON'T DISAPPEAR. I SAW A LOT OF BLOCK CHAIN DEVELOPERS TURNING TO AI。
You can go calculate AI. But if you look at Nvidia, it's not what's important for a graphic card over the years, it's the CPU. So it took them 40 years to get to today. Now AI's coming, they're the most valuable company in the world. So I think money doesn't disappear for block chain developers. For me, YZi Labs put 70% of our money into the block chain. Then 20% invest in AI, maybe 10% invest in biotechnology。
Industrial layout and personal planning: BNB Chain Targets become smart currency, CZ Focus on Education and Founder Guidance
Michael Lau: How will the BNB ecosystem respond to your description of the future of intelligent business? Is that the direction they're currently focusing on? In what form
CZ: I think it's just the beginning of AI. All block chains need to be prepared for AI. You need to support smart payouts, you need to have open capabilities or skills like Claude, you need to support everything that is relevant to AI. This area is very new and will evolve. For example, the AI ability to manipulate computers has been out for about two months and is now replicated by top players。
This is the first time that a smart body is not just talking to you, but is actually working on your computer, really doing something for you. I think it's going to be very fast. We are far from the final form. If the whole process is a 24-hour journey, it's about one in a million seconds. So we'll see more innovation, now is the time to build infrastructure for AI. There's a lot of people building big language models and other things, and that's great. For us, I think BNB Chain's goal is simple: it should be the currency of a smart body。
Michael Lau: Who is CZ today? What is your vision? What's your goal? How do we look at you now and how your new chapter will unfold
CZ: I THINK PEOPLE COME TO THIS WORLD AND WANT TO MAKE A POSITIVE CONTRIBUTION. IF YOU CAN, YOU SHOULD DO IT. WHEN WE LEAVE, WE CAN LOOK BACK AND SEE THAT WE HAVE MADE SOME POSITIVE CONTRIBUTIONS. YOU SHOULD TAKE CARE OF YOURSELF FIRST AND THEN MAKE A POSITIVE CONTRIBUTION. IF YOU HAVE LIMITED CAPACITY, MAKE A SMALL CONTRIBUTION; IF YOU HAVE A STRONG CAPACITY, YOU MAKE A MORE POSITIVE CONTRIBUTION. THAT'S MY MIND。
I think any animal is genetically selected. If any animal does not want to help its own species, the species ' competitiveness will decline and eventually evolve and phase out. So since we still exist and are the dominant species on this planet, our genes determine what we want to do. When we do so, we will be very happy, an intrinsic reward。
When I started it, our goal was to be the top 10 exchanges in three years, but we were first in five months. We were thinking, what happened? We didn't plan that, we just wanted the best products, the best servers, the best security and the best user experience. We didn't know this would happen so soon. Once we've reached that position, of course we've been leading for almost nine years。
For me, it was never my intention. I never said I wanted to be the best, or I wanted to climb Forbes, and actually I wanted to fall on that list. So my goal is really just to make a contribution. As long as you can tell yourself you've done everything you can. For me, I don't care much about honour, power or even money. People need enough money, but I already have. Money beyond that limit does not help me much. So my goal is, when I get old and look back, I can say, look, I tried. That's my attitude. With this mentality, I just want to continue to make a positive contribution。
I don't think I have the energy to run a new start-up company or lead another company. I'm kind of like a one-strike guy, and I've accepted it, and I've given up. So I want to help other founders and other entrepreneurs to build. We invest in them, and if they want, I can mentor and guide them. If they are in the field of encryption, I can give them advice on the economics of tokens, the pits that need to be avoided, how the industry works, and what can be expected when introducing tokens or projects。
I can also give advice to ordinary entrepreneurs and give them guidance on how to build products, how to team up. I have always told them that my approach is hardly destined to be the best, but it is one of the ways that one can refer to and consider. I want to help other founders succeed, which is an indirect contribution to the world。
I've allocated time to four different areas: YZi Labs to help the founders, BNB Chain to help the builders of ecosystems, and I've spent some time on Giggle Academy, a very interesting project. Giggle Academy is providing free education to 260,000 children today, and the project has only been in existence for a year and a half. Every time I talk to them, I feel very happy. When you're committed to something that really makes sense, that's what you get。
And the fourth thing I'm doing is to advise Governments on encryption policy. Only a few, perhaps a dozen, Governments need my advice, and I would be happy to provide it. The UAE, Pakistan, Thailand and many African countries。
So that's how I allocate time. I'm more relaxed now, and I don't work as hard as I used to. I worked about 20 hours a day running a coin, and I kept on running 30 to 40 meetings. Now I'm working about 10 hours a day, having some short meetings, much easier. Life is good now。
