Invitation to talk about the future of Bitcoin, Binance platform CEO seems confident about returning to ATH. But this could take up to two years.
Bitcoin: Down 70% from ATH!
Since it was a record on November 10, the price of Bitcoin has fallen 69%. Since the beginning of the year, the fall has also been vertical ever since mother cryptocurrencies fell more than 55%.
It’s the size of this fall that makes CZ, the CEO of Binance platform, say so It could take up to 2 years for Bitcoin to return to the $ 70,000 threshold. As he recently pointed out in an interview with the Guardian:
I think in the face of this price drop, from the peak of 69K to 20K now, it will probably take some time to go back. It will probably take a few months or a few years. No one can predict the future.
The year 2024 is often promoted by others as a turning point to the ATH. Year is often mentioned because it corresponds to the date of the bitcoin in the other half.
Price fluctuations are normal!
Changpeng Zhao has often advised investors during previous crypto market crashes. While the market is no longer a newborn, Binance’s head of thinking still believes the sector is far from reaching full maturity.
People might view the price of bitcoin at $ 20,000 as a “very low” level, but looking at how the asset has changed over the years, they will realize that it has increased significantly. But you know, in 2018, 2019, if you told people that bitcoin would equal $ 20,000 in 2022, they would be very happy. In 2018/2019, the price of Bitcoin fluctuated between $ 3,000 and $ 6,000.
To support his optimistic statement on the crypto market, the platform is walking the talk. Unlike other platforms like Crypto.com or Coinbase, which restrict new job openings when not setting off, Binance continues to rent.
Crash to “clean up” the market!
If CZ seems confident enough to bring Bitcoin back to the top, it thinks the current crash could be lasting impacts on smaller projects. A fortiori for those who entered the market when it was growing frantically.
Some altcoins should be like that they just disappear and the crypto market could then focus on large projects. Opinion shared by other observers in the crypto market who strongly believe in market consolidation.
CZ: Assertive encryption max!
Last April, CZ joined the club of the 20 richest personalities in the world. A fortune held by the Binance leader exclusively in digital assets. As he announced earlier this month:
I have no dollars. I only have cryptocurrencies. So when I need to spend money, I have to spend some of it somewhere. For me, I only have cryptocurrency. I don’t have to think about selling crypto. Crypto is my money.
In this interview, CZ widely recommended digital assets. An asset class that he considers today primarily as a means of payment in the making. I have cheaper and faster than fiat currenciesWhen it comes to use as a payment method, digital assets, according to CZ, are a credible alternative.