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Binance CEO Changpeng Zhao predicts bitcoin bull run

Published 07/06/2023, 06:42 AM
Updated 07/06/2023, 07:00 AM
Binance CEO Changpeng Zhao predicts bitcoin bull run
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Crypto.news - In a recent Twitter Space session, Binance CEO Changpeng Zhao, CZ, predicted the upcoming bitcoin bull market.

During the ask-me-anything session on July 5, CZ addressed various topics, including BlackRock’s entry into the cryptocurrency market, regulatory actions against Binance, and his forecast for the upcoming bull run.

He noted that bitcoin tends to follow four-year cycles and highlighted the significance of the next Bitcoin halving event in 2024. While CZ acknowledged that he couldn’t predict the future with certainty, he anticipated that the next bull market would start around 2025.

CZ also commented on BlackRock’s entry into the spot Bitcoin exchange-traded fund (ETF) space. He viewed this development as highly beneficial for the crypto industry. Despite concerns about the compatibility of traditional finance companies with Bitcoin’s decentralized nature, CZ downplayed the risk of customer poaching, stating that there was minimal overlap between Binance’s user base and potential BlackRock (NYSE:BLK) customers.

The Binance CEO expressed preparedness for increased trading volumes in the coming months, driven by growing institutional interest and the upcoming Bitcoin halving. He also mentioned positive remarks by BlackRock CEO Larry Fink, who emphasized Bitcoin’s potential as an international asset and a hedge against inflation and currency depreciation.

Addressing regulatory actions against Binance, CZ assured participants that he and the Binance team were working towards a prompt and mutually agreeable resolution. Although he couldn’t provide specific details, he committed to finding a good solution through discussions and collaborations with regulatory bodies.

CZ’s optimistic outlook on the next Bitcoin bull run aligns with his belief in Bitcoin’s cyclical behavior. As the cryptocurrency market evolves and institutional interest grows, Binance is prepared to handle higher trading volumes in the coming months. The exchange actively engages in discussions and collaborations with regulators, aiming to ensure compliance and maintain a thriving ecosystem for cryptocurrency traders and investors.

This article was originally published on Crypto.news

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