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Bitcoin is right here to remain at the same time as new improvements develop — Bybit founder

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Cointelegraph’s editor-in-chief Kristina Cornèr interviewed Bybit founder Ben Zhou on the Formula 1 Grand Prix at Monaco, discussing subjects like educating newcomers in crypto, the results of the Terra (LUNA) — now referred to as Luna Classic (LUNC) — debacle on institutional curiosity and the survival of Bitcoin (BTC) amid new developments within the trade. 

According to Zhou, the agency’s partnership with Red Bull Racing has allowed them to achieve an viewers that’s new to crypto. Because of this, the Bybit founder famous that their group has been placing some concentrate on training. “Education is one part. We focus on teaching people why and how is crypto playing a part,” Zhou said.

Apart from educating newcomers, the duo also talked about how the recent Terra collapse has affected the interest of institutional investors’ trust in crypto. Weighing in on the topic, Zhou said that events like the Terra crash can happen with any new industry. He noted that:

“LUNA was not the first kind of collapse that we’ve seen. I think we’ll get over it and gradually move on.”

When requested if Bitcoin will stay the principle crypto within the area within the coming years as new improvements like nonfungible tokens (NFTs), decentralized finance (DeFi) and the Metaverse turns into extra developed, Zhou expressed that whereas the longer term is unsure, he stay’s “bullish.” He defined that:

“I believe Bitcoin is here to stay for sure. For me, Bitcoin is a store of value. It’s kind of like gold, right? […] There’s a concrete need for it.”

Zhou additionally highlighted that he believes in crypto as a result of it redistributes energy. The Bybit founder famous that “crypto is mostly a revolution for the monetary system.” While conventional finance is managed by a couple of, Zhou famous that crypto provides energy again to the individuals.

Related: F1 Monaco GP: Bybit’s Red Bull Racing NFTs, crypto-F1 partnerships and extra

Back in April, Bybit expanded its companies into crypto choices buying and selling, letting its customers commerce choices and perpetuals utilizing USD Coin (USDC). According to the alternate, the transfer was an try to achieve buyers who’re extra accustomed to conventional finance markets.