Categories: Crypto NewsNews

Binance’s CEO cautions Bitcoin may remain beneath all high for two years

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Nonhlanhla P Dube

CZ has claimed that some cryptocurrency enthusiasts have lost perspective… and have forgotten how far the market has come since 2018. Changpeng Zhao told The Guardian that it may take some time for Bitcoin to rebound after plummeting near R320K in recent months.

CZ stated that if investors were told in 2018 that Bitcoin would be worth R320K by 2022, they would have been “very happy.”

That was the year BTC experienced a tremendous drop from R320K to around R64K in less than a year-a drop of more than 80%.

Seven months have passed since the world’s largest cryptocurrency reached a fresh all-time high.

According to CoinMarketCap data, BTC has plummeted by 70% after achieving this all-time high.

CZ also noted that Bitcoin’s current bottom is higher than its last peak — and that “price fluctuations are normal” while the market is growing.

The crypto entrepreneur also discussed the crypto winter, which has resulted in painful layoffs at several significant corporations.

He admitted that many businesses are “in a bind” as a result of overspending during the bull market, but added.
“For projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.”

CZ stated earlier this month that Binance has a “very healthy war chest” going into the current bear market and that the exchange plans to increase recruiting.

The CEO stated that he intends to capitalize on the crypto winter “to the maximum,” with co-founder Yi He telling Fortune magazine that more than 2,000 positions are available and adding:

“The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent.”

CoinMarketCap’s parent company is Binance.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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