Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange Binance, believes it will take a few months to two years for Bitcoin to reach its current ATH of nearly $70,000. He also predicted that large cryptocurrency projects will survive the bear market, while smaller ones may have problems.
Price fluctuations are normal
Changpeng Zhao (known as CZ) has often advised investors during past cryptocurrency market crashes. In a recent interview for The Guardian, he did it again, stating that the industry is relatively new, so significant price fluctuations are to be expected.
People may consider the $20k price of bitcoin to be “very low,” but after watching the asset develop over the years, they will realize that it has risen significantly:
“But you know, if in 2018, 2019 you told people that bitcoin would be worth 20 thousand in 2022, they would be very happy. In 2018/19, Bitcoin was worth $3,000-6,000.”
CZ is also optimistic that BTC will reach and even surpass its all-time high of over $69,000 registered last November. However, it may take up to two years before this happens:
“I think with this price drop from an all-time high of 69K to 20K now, it will probably take some time to come back. It will probably take a few months or a couple of years. Nobody can predict the future.”
The Binance CEO subsequently argued that the ongoing crypto winter could be a problem for smaller projects that joined the ecosystem during the latest bull market. On the contrary, larger enterprises that have been part of the industry for years will survive the crisis.
He assured that his exchange has the capital and experience to solve problems. Unlike many other platforms such as Coinbase and CryptoCom that have announced layoffs, Binance is expanding its team.
CZ: Crypto’s Best Supporter
Earlier this month Zhao (rated being one of the richest people in the world) said he views digital assets as an investment vehicle and as a medium of exchange. Thus, he revealed that he does not hold any fiat currencies and all his wealth is in cryptocurrency:
“As for me, I don’t have dollars. I have everything in crypto. Therefore, when I need to spend money, I need to spend part of it somewhere. For me, I’m all about crypto. I don’t need to think about selling cryptocurrency. Cryptocurrency is my money.”
The CEO also praised the asset class for facilitating faster and cheaper cross-border payments than fiat. Bitcoin and altcoins are also good alternatives when it comes to donations, he added.
Featured image courtesy of Bloomberg Linea
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