China has a rather speculative cryptocurrency market, where there are many novice traders with insufficient knowledge. Binance CEO Changpeng Zhao said this in an interview Forbes.
According to him, this is “not a recommended way of trading.”
“There is a lot of money in China. The economic growth there has been colossal over the past few decades. There are many rich people, but the institutional market is not that big because they don’t trust others to manage their money, ”Zhao explained.
Even the Chinese stock market has always been very speculative, the head of Binance added.
“People follow others and don’t do much fundamental analysis,” he said.
Zhao stressed that the cryptocurrency markets in Japan and South Korea have their own peculiarities. In the rest of Southeast Asia, the well-being of the population is lower, but the number of users is very high, he stressed.
“These guys are more interested in making money through staking, GameFi, and so on,” the entrepreneur said.
We will remind, earlier Zhao expressed the opinion that cryptocurrencies are not suitable for all investors, citing the example of the billionaire Warren Buffett.
