"In 2020, worldwide markets faced unprecedented volatility and instability in already-vulnerable economies and countries. With global economic uncertainties, inflation and traditional assets suffering due to the macroeconomic shock caused by COVID-19, people around the world have increasingly looked to bitcoin and crypto as an alternative asset and cross-border transactions in an unprecedented manner. This has driven the crypto market to new heights and poised bitcoin/crypto to enter the mainstream," Zhao said.
The executive added that people started to better understand economic processes since the pandemic attracted public attention to macroeconomic issues.
"COVID-19 has highlighted the macroeconomic challenges faced by the global economy and as a result, there is more public understanding about inflation and how businesses and individuals could be affected," Zhao said.
Founded in 2017, Binance is the Malta-based largest cryptocurrency exchange in terms of the trading volume.