Cointelegraph Editor-in-Chief Christina Corner interviewed Bybit founder Ben Zhou at the Formula 1 Grand Prix in Monaco to educate newcomers to crypto, the impact of the Terra (LUNA) debacle on institutional interest and the existence of bitcoin (BTC). Topics were discussed. ) amid new developments in the industry.
According to Zhou, the firm’s partnership with Red Bull Racing has allowed them to reach an audience that is new to crypto. Because of this, Bybit’s founder said that his team is paying some attention to education. “Education is part. We focus on teaching people why and how crypto is playing a role,” Zhou said.
In addition to educating newcomers, the two also talked about how the recent Terra collapse has affected institutional investor confidence in crypto. Emphasizing this topic, Zhou said that incidents like the Terra Accident can happen to any new industry. He noted that:
“Luna was not the first kind of collapse we’ve seen. I think we’ll recover from that and move slowly.”
When asked whether bitcoin will remain the main crypto in the space for years to come, as new innovations such as non-fungible tokens (NFTs), decentralized finance (DFI) and the metaverse become more developed, Zhou said the future is uncertain, he said. Will be “bullish.” He explained that:
“I believe bitcoin is definitely here to stay. To me, bitcoin is a store of value. It’s like gold, isn’t it? […] There is a strong need for it.”
Zhou also revealed that he believes in crypto because it redistributes power. The founder of Bybit stated that “crypto is truly a revolution for the financial system.” While traditional finance is controlled by a few, Zhou said that crypto gives power back to the people.
related: F1 Monaco GP: Bybit’s Red Bull Racing NFTs, Crypto-F1 partnership and more
In early April, Bybit expanded its services to crypto options trading, allowing its users to trade options and perpetuity using USD Coin (USDC). According to the exchange, the move was an attempt to reach out to investors who are more familiar with traditional finance markets.