Binance CEO Changpeng Zhao has delivered his prediction for the next Bitcoin (BTC) bull market.
Speaking in a July 5, “ask me anything” session on Twitter, CZ explained how the price of Bitcoin has historically moved in four-year bull cycles.
https://t.co/OENe6Ul4ag
— Binance (@binance) July 5, 2023While he admitted that he can’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, stating:
"The year after Bitcoin halving is usually the bull year."
CZ addresses BlackRock and Bitcoin ETFs
Asked whether he was concerned about BlackRock’s recent entry into the spot Bitcoin ETF arena, CZ welcomed the idea saying it is “hugely beneficial” for the crypto industry.
Since the firm’s June 15 filing, many have raised concerns that the intention of major TradFi firms stand in direct contrast to the ethos of Bitcoin as a decentralized monetary network
Zhao also brushed off concerns that Blackrock could eat up Binance’s market share in future, describing the overlap between their respective customer bases as “minimal.”
“Anyone who's coming into crypto that’s not in crypto today will bring additional people into crypto. Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base. The overlap is minimal.”Zhao explained that increased institutional interest as well Bitcoin’s upcoming halving are the two primary reasons why Binance wants to be “prepared for higher [trading] volumes” over the next eighteen months.
Related: Bitcoin ETFs: Even worse for crypto than central exchanges
Zhao’s comments come just hours after Blackrock CEO Larry Fink praised Bitcoin as an “international asset,” saying that it could be used as a hedge against inflation and the devaluation of certain fiat currencies.
#Bitcoin is an International Asset. - Larry Fink, BlackRock CEO pic.twitter.com/WIVKITXYPj
— Michael Saylor⚡️ (@saylor) July 5, 2023During the Twitter Space, Zhao was also questioned about the status of regulatory action against his exchange. While he acknowledged that he couldn’t talk specifics, Zhao said that he and Binance are looking for “the most expedient and reasonable and mutually agreeable solution possible.”
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