Former Binance CEO Changpeng “CZ” Zhao says the crypto industry is still in its early phase, with adoption only beginning at a national level. He attributes recent market growth to ETFs but believes institutional capital inflows remain in their infancy. In a discussion with Raoul Pal, Zhao reflected on underestimating stablecoins and meme tokens, acknowledging their unexpected impact. He emphasized blockchain’s long-term value, particularly alongside artificial intelligence, envisioning autonomous AI agents transacting via crypto. Despite rapid development, Zhao argues mainstream adoption, regulation, and infrastructure improvements are still ahead, reinforcing his view that crypto remains in its foundational stage.