Changpeng Zhao, CEO at Binance, has something optimistic for the crypto market as in his statement he said: ” the bull market will return any minute.”
In an interview at Consensus: Singapore 2018 conference, Zhao revealed his hopeful attitude on the current market setup. he backed his statement by outlining the support at $6,000 was very strong in 2018 as compared to 2015 when the support level was $200. According to him, looking at the price movement on a yearly basis, he doesn’t believe the market has been bearish at all.
CZ in his interview also shared how he got his start in crypto, stating he quit his job to go in full time when he read and understood the white paper and went to a couple of conferences. He also learned about cryptocurrency from Bobby Lee and Ron Cao in 2013.
When asked about one of the world’ biggest crypto exchange future after 5 years he shared the industry will be so much bigger. He stated, “we just want to provide a few key services in this industry. So, right now, we have a decent exchange, and we’re expanding both on the fiat and the decentralized exchange space. We want to continue to be a key player in the exchange space.”
He also talked about his views on “trans-fee mining” business model, Binance’s interest in decentralized exchanges, the role of crypto derivatives exchanges such as BitMEX, regulations regarding fiat-to-crypto exchanges, stablecoins, ‘fake’ trading volume, Binance’s coin listing process, the future of Binance, and when CZ expects the next major bull run for Bitcoin.
He further continued, “if you look at a weekly or monthly basis, yes we had a bear market a little bit, but it was only $20K for a week or so… I always look at the long term.” CZ also thinks the bull market will return sooner rather than later and said that he is a holder and not a trader. He stated that:
So, I think that any minute the bull market will return, and historically, October to December are the good months. Before Christmas are usually the months when the markets go up very often, but I am not saying that it will this year, or that it will not.
I still disagree with this. I will say "crypto will absolutely grow 1000x and more!" Just reaching USD market cap will give it close to 1000x, (that's just one currency with severely restricted use case), and the derivatives market is so much bigger. https://t.co/bvSttEeCmc
— CZ 🔶 Binance (@cz_binance) September 12, 2018
In early September when Vitalik Buterin stated that there is no room for “1000x price increases.” to which CZ said, ” crypto will absolutely grow 1000x and more! Just reaching USD market cap will give it close to 1000x, (that’s just one currency with severely restricted use case), and the derivatives market is so much bigger.”
Exhibiting his positivity on the cryptocurrency market he stated, in contrast to the tweet,”
I think it’s gonna be much more. So I’m gonna keep that tweet, and when we get there, I really don’t know when, but we when get there, I’ll retweet that tweet.