Changpeng Zhao: Bitcoin needs two years to reach $69,000

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The CEO of the largest crypto exchange in the world, Binance, believes that after the current collapse of the cryptocurrency market, Bitcoin will be able to jump its all-time high of $69,000 by 2024.

Changpeng Zhao gave an interview to the British edition of TheGuardian. The businessman believes that it will take some time for Bitcoin to reach the $69,000 mark, from several months to a couple of years. Overall, however, Zhao is optimistic. When asked if he considers the current fluctuations in the cryptocurrency market to be the norm, the CEO replied that, if you look at the bottom of bitcoin, it is now higher than the last peak. This suggests that the industry is definitely growing and market volatility is quite common:

“Now it seems to us that Bitcoin for $20,000 is very little. But if you told people in 2018 or 2019 that bitcoin would be worth that much in 2022, they would be happy. In 2018, Bitcoin was worth $3,000, and in 2019, it was worth $6,000.”

The head of Binance believes that some cryptocurrency projects may now have problems, since they were created at the peak of the market development. Therefore, during a recession, investors get the feeling that crypto winter has come. Early market entrants are taking the situation more calmly, they are developing and even attracting staff, Zhao said. Last week, the head of Binance said that the exchange plans to hire about 2,000 new employees, while other trading platforms are laying off people, citing the high volatility of the cryptocurrency market.

Zhao declined to comment on an investigation launched by the US Securities and Exchange Commission (SEC) into the 2017 BNB sale. The regulator intends to determine whether this was an unregistered sale of securities. Zhao only said that Binance interacts with regulators around the world. If they have questions, the exchange responds by conducting its own investigation or not.

Earlier, the CEO of Binance said that the oversight of digital assets is necessary for the full development of the industry, so it is important to maintain communication with regulators.

Source: Bits

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