Binance founder Changpeng Zhao used an April 15 livestream on Binance Square to deliver a message that cuts against the narrative that retail investors have already missed their window in crypto. His argument was straightforward: the industry is still at the beginning, and the arrival of institutional money does not change that.

“The industry is still in its infancy,” CZ said. “Compared to ten years ago when I got into Bitcoin, it was so much more niche. The industry is more mature today, but we are still very early.”

A Tiny Slice of Global Wealth

He said roughly 7 to 10% of people globally have some exposure to crypto. Of those, the vast majority hold less than 1% of their net worth in digital assets. Crypto’s share of total…