Binance CEO, CZ, has argued that BTC’s volatility has been far less than tech giants’ stocks such as Apple and Tesla. He further said the exchange would soon be in the good books of almost all regulators in different nations.
BTC’s Stability In The Last Two Years Is Greater Than That Of Tesla And Apple – CZ
CZ claimed that BTC price has been less volatile over the past two years than stocks of tech companies, particularly Tesla and Apple. The Binance chief made his claims during an interview with the financial times on Monday.
CZ added, “when you compare BTC price with the price of the tech shares, you will observe that the price of these tech stocks has been less stable than BTC. The data reveals all, and the data don’t lie.” It is noteworthy that Tesla’s stock price has been quite volatile in the past couple of years. The share, which traded at about $89 at the start of 2020, rose to a peak price of $1244 by November of the following year.
While it has dipped slightly in the following months, it hasn’t dipped beyond $810. Tesla shares currently exchange hands at about $940. Even though CZ may be right that Tesla shares have fluctuated in the last couple of years, he isn’t right that Apple share prices have fluctuated within the same period.
One reason for Apple shares’ stability is that it has nailed down its target audience and has remained settled in the market for the last half a century. During the heat of the pandemic, when many shares were losing their value, Apple’s share price was rising steadily. Four months ago, Apple’s share price set a new all-time high when it hit $184. However, it has dipped slightly below this price and currently trades at $165.
CZ might need to share the data he uses in making this comparison as data shows that BTC price has been hugely volatile and often registers two-digit dips or highs. According to currency analysts, BTC’s price swings are expected as that is what often happens when an asset is relatively new.
During the initial public listing period of google and amazon, their share prices also fluctuate strongly. But now, they are among the companies with the most share prices.
Binance Regulatory Woes Aren’t Over
The largest crypto exchange globally has been in hot water with various regulatory authorities in the past 12 months. However, the company’s CEO has reiterated that Binance remains committed to acceding to the majority of the demands from the regulators.
Last November, he said, the company will soon become a physically-recognized headquarters and have what can be considered mini-headquarters in various nations worldwide, including having an operational permit in those regions.
While speaking in a recent interview, CZ, expressed optimism that the exchange’s woes with authorities will soon be over. He added that Binance US had obtained an operational license to run its business in 45 US states, and being in the good books of other countries will happen soon.