Turning Point - The Pardon of Changpeng Zhao
• On October 23, 2025, Donald Trump fully pardoned CZ, the founder of Binance, from federal crimes.
• The White House presented this pardon as a strong message against the perception of a "war on crypto" during the Biden administration.
• CZ stated after the pardon, "I will do everything I can to make America the capital of crypto."
What Could Change?
• Institutional Dimension: This decision could reduce the risk premium associated with crypto in U.S. markets. In particular, capital may be redirecting for new regulations and technological investments.
• Psychological Dimension: CZ was a "symbol of free finance" for many. After this pardon, there could be shifts in the community’s perception regarding not only regulation but also trust and leadership.
• Geographical Leadership: The U.S. may be taking action again against the increasing influence of players like China and the Middle East in the crypto space. This step seems to carry the message, "America should not fall behind again."
A Reflection 🧘♂️
When we look at this development not just from the perspective of CZ but also in the bigger picture, it may signify the opening of a new chapter for the crypto community. The system may not be changing, but perceptions can. Perception is the primary driver of capital movement.
Ultimately, the perspective of developed countries is the most important factor, and the #Bitcoin, referred to as digital gold, will continue to exist and grow in every area of our lives.