Given the current price drop, it could take up to two years for bitcoin to reach its all-time high again, according to Changpeng Zhao.
Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, Binance, believes bitcoin will take months to two years to reach its current ATH of nearly $70,000. He also predicted that large cryptocurrency projects will survive a bear market, while smaller ones could have problems.
Price fluctuations are normal
Changpeng Zhao (aka CZ) has often advised investors during past cryptocurrency market crashes. In a recent interview for The Guardian, he did so again, stating that the industry is relatively new, so significant price fluctuations are to be expected.
People may think of the $20,000 bitcoin price as “very low,” but after watching the asset develop over the years, they will realize that it has progressed significantly:
“But you know, if you told people in 2018, 2019 that bitcoin would be worth 20,000 in 2022, they would be very happy. In 2018/19, bitcoin was worth $3,000 to $6,000.”
CZ is also optimistic that BTC will reach and even surpass its all-time high of more than $69,000 recorded last November. However, it could be up to two years before that happens:
“I think with this price drop from a record high of $69,000 to $20,000 now, it will probably take some time to come back. It will probably take a few months or a couple of years. No one can predict the future.”
Changpeng Zhao, Source: Binance
Binance’s CEO later argued that the ongoing crypto-winter could be a problem for smaller projects that joined the ecosystem during the last bull market. On the contrary, larger businesses that have been part of the industry for years will survive the crisis.
He assured that his exchange has the capital and experience to meet the challenges. Unlike many other platforms such as Coinbase and CryptoCom, which have announced layoffs, Binance is expanding its team.
CZ: crypto’s best supporter
Earlier this month, Zhao (who is considered one of the richest people in the world) said that he views digital assets as an investment tool and as a means of exchange. Thus, he said, he does not hold any fiat currencies, and all his wealth is in cryptocurrency:
“As for me, I don’t have any dollars. I have everything in crypto. So when I need to spend money, I need to spend some of it somewhere. For me, I’m all about crypto. I don’t have to think about selling cryptocurrency. Cryptocurrency is my money.”
The CEO also praised the asset class for facilitating faster and cheaper cross-border payments than fiat. Bitcoin and altcoins are also a good alternative when it comes to donations, he added.