In 2020, Bitcoin surged, reaching a high of $65,000, leading other cryptocurrencies to rise as well. However, at that time, the valuation of cryptocurrencies was extremely fragile. In 2022, with the bankruptcy of the FTX exchange, Bitcoin once fell to $15,000, while many popular coins from that year, such as EOS, have now disappeared.
However, Bitcoin did not become electronic trash; instead, it began to build a foundation for growth starting at $15,000, and this round of growth is very healthy, maintaining a high valuation over the long term. In fact, the cost of mining one Bitcoin has now skyrocketed to over $80,000. With the booming development of various DeFi projects, USDC and USDT have completely replaced the old relics like BCH and LTC, shining brightly in the payment sector.
So, what is the fundamental reason for CZ being sued by the U.S. SEC? Simply put, it's about taking someone else's cake. Traditional wealthy individuals like Musk and Bill Gates hold stocks as their wealth, and the rise in stock prices has also driven overall market prosperity. It can be said that their success aligns with the traditional path designed by the U.S. financial sector, allowing Wall Street investors to share in the profits. But Zhao Changpeng, Sun Yuchen, and others issued a currency, suddenly gaining a large following worldwide, and suddenly... became the richest? Moreover, it's an asset completely controlled by Binance like BNB. This aroused dissatisfaction from U.S. regulators. If you don't play by my rules, then I will sanction you; only the U.S. has the ability for long-arm jurisdiction, while China has always focused on banning.
Therefore, Trump's pardon of CZ is actually just following the historical trend, filling in a piece of the puzzle for the development of cryptocurrencies.