Changpeng Zhao, CEO of Binance, the world’s largest crypto exchange, believes that it will take between a few months and two years for Bitcoin to reach its current ATH of around $70,000. He also predicted that larger crypto projects would survive the bear market, while smaller crypto projects could be in trouble.
Price fluctuations are normal
Changpeng Zhao (known as CZ) has often advised investors during past crypto market crashes. In a recent interview for The Guardian, he did it again, saying that the industry is relatively new, which is why significant price fluctuations can be expected.
People might consider the bitcoin price at $20K as “very low” levels, but watching the asset’s development over the years, they will realize that it has moved up significantly:
“But you know, in 2018, in 2019, if you told people that bitcoin would be 20K in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
CZ is also optimistic that BTC will tap and even surpass the all-time high of over $69,000 recorded last November. However, it can take up to two years for this to happen:
“I think given this price drop, from 69K so far to 20K, it will probably take some time to come back. It will probably take a few months or two years. No one can predict the future.”
Subsequently, the CEO of Binance argued that the ongoing crypto winter could be a concern for smaller projects that joined the ecosystem during the latest bull run. Conversely, large enterprises that have been a part of the industry for years will bear the brunt.
He assured that his exchange has the capital and expertise to address the issues. Unlike many other platforms, such as Coinbase and Cryptocom, which announced that they will be laying off staff, Binance is expanding its team.
CZ: Ultimate Crypto Supporter
Earlier this month, Zhao (considered one of the world’s richest men) said that he sees digital assets as both an investment instrument and a means of exchange. As such, he disclosed that he does not hold any fiat currency, and that all of his assets are in crypto:
“For me, I don’t have dollars. Everything I have is in crypto. So when I need to spend money, I need to spend part of it somewhere. For me, I’m all I’m into crypto. I don’t need to think about selling crypto. Crypto is my money.”
The CEO praised the asset class for facilitating faster and cheaper cross-border payments than fiat currency. He added that bitcoin and altcoins are also a good option when it comes to donations.
Featured image courtesy of Bloomberg Linea
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