Binance CEO Changpeng Zhao recently predicted that the bitcoin price would eventually recover to $70,000.
Binance CEO Changpeng Zhao Continues His Cryptocurrency Despite Market Volatility
one in Recent TweetBinance CEO Changpeng Zhao has revealed that he has not sold any Bitcoin (BTC) or Binance Coin (BNB) to demonstrate his conviction.
According to data provided by CoinGecko, the prices of the above two cryptocurrencies are down 70.85% and 65.86% from their respective all-time peaks.
In a 2021 interview with The Associated Press, Zhao claimed that he had bought bitcoin back in 2014 after selling his house. The price of bitcoin fell from $600 to $200 shortly after his purchase, but he did not sell his coins at that time. Despite the fact that the largest cryptocurrency has gone through several boom-and-bust cycles, the CEO of Binance has managed to keep the majority of his initial bitcoin exposure.
Zhao also stated that the top crypto exchange’s native token by trading volume, Binance Coin, represented the majority of his net worth at the time. In addition, he is a “decent sized” shareholder in the exchange.
According to the Bloomberg Billionaires Index, Zhao is worth $18.7 billion, making him the 77th richest person in the world. The dire situation in the cryptocurrency market has led to a drop in his net worth by $77 billion.Still, the richest cryptocurrency entrepreneur remains unfazed by the bear market. Last month, Zhao predicted that bitcoin could potentially reclaim the $70,000 mark “in a few months or years.”
Zhao also predicted that Microstrategy CEO Michael Sayer, whose company is currently suffering massive losses due to the falling price of bitcoin, will get the last laugh.
