ONE of the world’s largest cryptocurrency exchanges, Binance, experienced a sharp increase in demand, which comes despite Billionaire Warren Buffett heavily criticising the crypto market saying it would “come to a bad ending.”
By THOMAS MACKIE
Sat, Jan 13, 2018
Cryptocurrency exchanges have been caught unprepared for the massive inflow of new customers as the crypto phenomenon takes the world by storm.
According to Coinmarketcap, a website that tracks cryptocurrency markets, Binance was the most active cryptocurrency exchange over the past 24 hours with £4.4 billion ($6.1 billion) worth of trades.
The company added 240,000 users in just one hour on Wednesday which surpassed all growth records.
Binance is based in Hong Kong.
Billionaire Warren Buffett has heavily criticised the crypto boom saying it is a bubble that is not going to end well.
Speaking to CNBC, the CEO of Berkshire Hathaway said: “In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending.”
Mr Buffet said he is unsure when the cryptocurrencies bubble will burst but he is “certain” it will happen.
He said: “I know this. If I could buy long-term puts. If I could buy a five-year put on every one of the cryptocurrencies – I’d be glad to do it. But I would never short a dime’s worth.”
Binance CEO Zhao Changpeng said: “Warren Buffett is a guy I truly respect from an investment point of view. But I do not think he understands cryptocurrencies at all. It is what it is. I still respect him in other parts of his expertise. But I think on cryptocurrencies he’s making a big mistake.”
Mr Zhao is himself surprised by the surge in Binance, saying the company had not expected the increase.