Richard Teng, CEO of Binance, shared his insights on how the cryptocurrency market has evolved since he first discovered crypto in 2017. Teng highlighted the significant changes that have taken place over the years, particularly in terms of adoption, regulatory clarity, and institutional involvement, marking a stark contrast to the early days of the industry.
From Niche to Mainstream: The Journey of Crypto Adoption
Teng recalled his initial encounter with cryptocurrency in 2017, just before the founding of Binance. “There’s been a huge difference between the crypto market today and when I first discovered it in 2017,” Teng noted. At that time, crypto adoption was still in its infancy, with only about 1% of the global population involved. Teng recognized early on that for cryptocurrency to become mainstream, two critical factors were needed: regulatory clarity and institutional adoption.
“Back then, the focus was on getting crypto recognized and accepted by a broader audience,” Teng explained. Today, that vision is becoming a reality as regulatory frameworks begin to take shape and institutional players enter the market. “One-third of regulators are now actively regulating crypto, and our 19th license approval in India is a testament to the progress we’ve made,” he said.
Accelerating Pace of Adoption
Teng highlighted that the pace of adoption has dramatically accelerated in recent years. “The first 100 million users took five years to reach, but the next 100 million came in just two years. We’re now seeing adoption happen at an even faster rate,” Teng observed. He pointed to landmark developments, such as Bitcoin’s approval in the U.S. and the recent approval of Solana ETFs in Brazil, as signs of the growing acceptance of crypto on a global scale.
Institutional Involvement and Market Maturity
Another fundamental shift since 2017 has been the growing involvement of institutional players. Teng mentioned Larry Fink, CEO of BlackRock, as a notable example of this trend. “Larry Fink went from being a skeptic to becoming an adopter of crypto, and this shift among institutional leaders is driving the market forward,” Teng remarked. He emphasized that institutional adoption is a key driver of market maturity, contributing to the stabilization and long-term growth of the industry.
Looking Ahead
Teng concluded by expressing confidence in the continued evolution of the cryptocurrency market. “The pace of adoption is going to be much faster moving forward. We’ve come a long way since 2017, and the changes we’re seeing now are setting the stage for the next wave of growth,” he said. As the market continues to evolve, Binance remains committed to leading the charge in innovation, regulatory compliance, and expanding access to cryptocurrency worldwide.