From Sonali Basak
The leader of one of the largest crypto exchanges in the US sees Elon Musk’s impact on the industry as positive – even on a bad day.
“Whether it is driving the markets up or down is likely to be good in the long run,” said Binance.US Chief Executive Officer Brian
said in a Bloomberg Quicktake interview. “If Elon Musk is that interested in crypto, crypto must be pretty important.”
Bitcoin took a dive on Friday after Musk hinted at a possible spin-off from the largest cryptocurrency. Its volatility has increased in recent weeks in response to various social media posts from the Tesla Inc. founder.
“I really hope he doesn’t act if prices move after his tweet,” said Brooks. “But if not, it’s a free speech country,” he said, adding that “short-term market panics are never a good reason for anyone to buy and sell.”
Brooks, most recently one of the leading banking regulators to take over the helm of Binance.US last month, said his firm was in talks about new deals to expand crypto buying into the wealth management accounts of clients in the United States. He said he bought crypto assets himself. and suggested that people hold the majority of their holdings in Bitcoin as the “anchor tenants” of the industry.
Still, he said the benefits of Ethereum are increasing and “I’m fully involved at the moment.”
Ethereum “is the current platform for building things,” he said. “It was the first on the market to have a real platform for people who wanted to kill the banks to build their apps on, and now you’re seeing this on a large scale, so I’m very confident that it will will be. ”