Binance CEO Changpeng Zhao: “Bitcoin is oversold”
Home News Binance CEO Changpeng Zhao: “Bitcoin is oversold”
Marcus Misiak –
On the Binance Blockchain-Week in Singapore, Changpeng Zhao, the CEO of cryptocurrency exchange, spoke about the current slump and reminded of the all-time high of Bitcoin (BTC) in 2017. Overall, Zhao was very confident and explained that the market is currently preparing for the next Bullrun and the developments are not sustainable.
Changpeng “CZ” Zhao was one of the Keynotes at the Binance Blockchain to keep Week. And, as always, CZ did his Best to prove why the crypto industry is booming and in the long term will be successful. Zhao recalled, the input to the monumental rally by the end of 2017, coupled with the subsequent collapse. By the end of 2017 BTC saw his famous rally to a price of almost $ 20,000, which led to an Explosion of ICOs and Altcoins and the entire crypto-market capitalization up to $ 800 billion increase. CZ said:
I think it was at the end of 2017 is definitely an Overheating of the market in terms of price. […] There are many guys that stormed in were very simple projects with very simple white paper. [….] Of course then, as all burst in […] as soon as this massive onslaught was ended, the price dropped.
Of course things are different now, because the markets will experience a for more than a year of sustained decline. CZ does not claim, however, that this bear market is representative of the true value of BTC.
We are in a very long time in a bear market, probably the longest in the history of Bitcoin at the Moment [….] I think, at the Moment, my personal opinion, is that we are now actually at the lower end. […] I’m very, very confident that this space is so much greater that we just have to be prepared for when that happens.
Zhao went on to say that crypto-currencies are currently being dramatically oversold, and a potential recovery before it could stand. Zhao was, in this respect, the large number of new, innovative Blockchain projects that were brought to life, and the growing interest of Wall Street crypto, and then added:
The engineers develop, we see a lot more progress in this room. […] There are more people in the industry, there are more people working in the industry, there are more people attending conferences there are more conferences that take place.
During the Binance CEO, spoke about the value of crypto-currencies, he stressed, however, that his big focus is on markets, but on the underlying technology. He claimed that he feels “very comfortable” when it comes to check Coin Market Cap, or similar Websites, and even added that he “can keep going for weeks without looking at the price of Bitcoin”.
The first Binance Blockchain-week this week started with some of the best-known names in the field of crypto, the initiation of a hack-a-thons, and the discussion about the future of the industry: