Binance founder Changpeng Zhao recorded a podcast "Meanders" in Thimphu, Bhutan, discussing pressure resistance and industry misjudgments. He stated that he usually does not set goals but strives to do his best; although the cryptocurrency market is poor this year and company performance may decline, he believes he has not been lazy and made no major mistakes.

His approach to handling difficulties is summarized in one sentence: no matter how hard it is, just do your best and wait after finishing. He reiterated the simulation theory, comparing the world to a game—simulation does not mean unimportance; after giving your all in the game, you can only lie down and wait for the results.

Regarding industry judgments, he believes that blockchain performance improvements are still slow; the slow upgrades of Bitcoin have resulted in stability, with both advantages and disadvantages. Some early concepts have been realized, while others have fallen short, and unexpected developments have emerged.

He pointed out two areas of delayed recognition: a year and a half ago, he was still skeptical about whether physical assets could be effectively tokenized; now he feels it is growing rapidly; five years ago, he did not fully understand how long stablecoins could last, but now he acknowledges that stablecoins have their own uses. Both are categorized as "previously unconsidered."

At the same time, he discussed the ongoing cycles, missed judgments on memes and NFTs, and that AI agent payments will take a crypto path during a new book event in Hong Kong and a community Q&A in Bali. This conversation in Thimphu did not provide new price or share figures, but the incremental change is framing the performance decline as an acceptable outcome and recognizing the direction of stablecoins and physical asset tokenization as something understood later.

In terms of market mechanisms, sellers have retreated from the front lines of exchanges to founders focused on investment and public narratives, while buyers are practitioners seeking explanations for cycles. Event-driven analysis is a review after the market year and personal legal cycles. Funds will not relocate due to the phrase "lying down to win," but will shift attention from public chain performance competition to stablecoins and on-chain assets that have incurred costs. Beneficiaries are stablecoin issuers who have established clearing networks and compliant on-chain channels; those under pressure are public chain teams that still treat throughput competition as the main narrative.

Source: Public Information