Changpeng Zhao – CEO of the world’s biggest crypto exchange Binance – believes it will take bitcoin between a few months and two years to reach its current ATH of nearly $70,000. He also predicted that the big cryptocurrency projects will survive the bear market, while small ones could be in trouble.
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, stating that the industry is relatively new, which is why significant price fluctuations are to be expected.
People might consider bitcoin’s price at $20K as a “very low” level, but observing the asset’s development during the years, they will realize it has progressed considerably:
“But you know, in 2018, 2019, if you told people bitcoin will 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 its all-time high of over $69,000 registered last November. However, it might take up to two years before this occurs:
“I think given this price drop, from the all-time high of 69K to 20K now, it will probably take a while to get back. It probably will take a few months or a couple of years. No one can predict the future.”
Subsequently, Binance’s CEO argued that the ongoing crypto winter could be a concern for the smaller projects that joined the ecosystem during the latest bull market. On the contrary, bigger enterprises that have been part of the industry for years will endure the crisis.
He assured that his exchange has the capital and expertise to overcome the issues. Unlike many other platforms, such as Coinbase and CryptoCom, which declared they will lay off employees, Binance is expanding its team.
Earlier this month, Zhao (estimated to be one of the wealthiest people in the world) said he sees digital assets as both an investment instrument and a means of exchange. As such, he revealed he doesn’t hold any fiat currencies, and all his wealth is in crypto:
“For me, I don’t have dollars. Everything I have is in cryptos. So when I need to spend money, I need to spend some parts of it somewhere. For me, I’m all in cryptos. I don’t have to think about selling crypto. Crypto is my money.”
The CEO further praised the asset class for facilitating faster and cheaper cross-border payments than fiat. Bitcoin and the altcoins are also a good alternative when it comes to donations, he added.
Featured Image Courtesy of Bloomberg Linea
