The CEO of cryptocurrency exchange Binance called the current cryptocurrency market downturn a good time to buy bitcoin for the long term.
Changpeng Zhao stated that traders with extra money should consider buying more bitcoins during a bear market. The head of Binance cited MicroStrategy as an example, which on June 29 purchased 480 BTC worth about $10 million at an average rate of $20,817 per coin. MicroStrategy CEO Michael Saylor continues to support bitcoin, despite the fact that the company’s losses due to the market fall amounted to more than $1.2 billion.
Zhao also mentioned the President of El Salvador, Nayib Bukele, who recently bought another 80 BTC into the treasury. If traders can hold out during the current bearish trend in the market, their investment will multiply in the next bullish trend, Zhao said:
“Cryptocurrencies are not going anywhere. If we predict the development of the industry for five, ten and even twenty years, more applications will be developed, and more people will come to the industry.”
The businessman noted that the short-term prospects for the market remain uncertain, as in the coming days it can either recover or sink even more. Zhao considers it unlikely that the bearish trend could be part of a four-year cycle, noting the continued fall in crypto prices. However, rising inflation is pushing people to embrace digital assets.
Binance CEO is optimistic about decentralized finance (DeFi). He is sure that in the next five to ten years, decentralized exchanges can bypass centralized exchanges, although the latter will still occupy a significant segment of the market. However, the bulk of trading will be done through DeFi, Zhao said. He added that Binance does not want to become a bank or a monopoly like Facebook. If we compare the exchange with any giants, then Binance strives to become like Google by providing users with tools for Web3.
Zhao called bitcoin the most decentralized cryptocurrency. He recently stated that market fluctuations are quite normal, and suggested that by 2024, bitcoin could surpass its all-time high of $69,000.