Binance Founder CZ Says Capital Is Returning to the Crypto Market
Changpeng Zhao (CZ), co-founder of Binance, stated that capital is returning to the cryptocurrency market after being redirected toward artificial intelligence in recent months. He noted that 'hot money' previously flowing into AI stocks is now shifting back to crypto assets like Bitcoin and related ETFs, contributing to price increases. CZ emphasized that financial services will remain a fundamental part of the global economy despite advancements in AI. CZ highlighted institutional investor activity as a key driver behind the strong rally seen in August for Bitcoin and other digital assets. He also pointed out increased trading volumes on platforms like MEXC, where BTC prices surged past $80,000 with spot volume rising 300%. Binance remains privately held.
