Binance CEO predicts a bullish future for Bitcoin and cryptocurrencies. CZ is optimistic about the future of the asset class.
Owners of Bitcoin and, in general, of the cryptocurrency, they waited all year long waiting for a strong rebound in price quotes, in the hope that Bitcoin will return (and even exceed) the price of almost $ 20.000 per currency that it reached late last year.
Bitcoin price
However, the Bitcoin price it has often been stuck in a downward trend that has characterized much of the year, dragging the larger cryptocurrency market with it. The price of Bitcoins has in fact dropped by about 70% compared to its peak, while those of the other main cryptocentric currencies (XRP and Ether, for example) fell by about 80%.
Changpeng Zhao
Starting from this basic analysis, Binance's chief executive, Changpeng Zhao, said he expected another surge in Bitcoin to happen "sooner or later."
Changpeng Zhao, often known online with his only initials CZ, stated that while the Bitcoin trading and other cryptocurrencies on Binance, the world's largest volume exchange, has fallen by almost 90% since January, feeling that the company and the market are still healthy.
"Compared to January 2018, we are probably down 90%. So we only have a tenth of the trading volume compared to January. But, compared to a year or two years ago, we are still negotiating on huge volumes. The business is still going well, we are still profitable and we are still a very healthy business, "CZ said, adding that Binance has seen a steady increase in the number of active users and Bitcoin deposits over the year.
Binance he also revealed that it is opening its doors to institutional investors, laying the foundations for welcoming capital that many in the credit cryptocurrency sector hope will arrive soon. In his post, the exchange outlined his plans for institutional investors, writing that he expects "more institutional investors to increase their allocation in this asset class."
Meanwhile, ShapeShift CEO Erik Voorhees has said that U.S. debt will be the trigger for the next bitcoin price hike. "When the next global financial crisis occurs, and the world realizes that organizations with 20 trillion dollars of debt can never repay it and therefore have to print it, and therefore fiat is condemned, we will see what will happen to cryptography" he tweeted Voorhees.
