Binance CEO Says Crypto has a 4 Years Cycle


As the crypto industry continues to face one of the biggest crashes of all time, the founder and Chief Executive Officer of Binance, Changpeng Zhao, says the crypto winter could stay around for a long time.

The Binance CEO explained that the industry usually sees a four years cycle of two years of a bull run and two years of a bear market.

In the last seven months, the crypto market has recorded a $2 trillion loss in capital. This loss has pushed its market cap to less than $1 trillion.

The world’s largest cryptocurrency by market cap, Bitcoin is one of the worst-hit. It is currently down by 56% on the year-to-date metric and its current value of $20,000 is just shy of its peak value during the 2017 bull market run.

But the worst is yet to come as data from Glassnode shows that the value of Bitcoin could fall by another 64%. This will put the price of the asset at less than $10,000.

Despite all of this, the Binance CEO remains confident and is preaching positivity.

I’m not debating that it is disastrous. It is bad. But when this disaster is happening, there is also opportunity.

These opportunities, he explained, range from the best hands in the industry to taking control of companies with huge potential at a relatively cheaper price.

Binance Sees Opportunities in the Chaos

CZ’s stance possibly explains why his company, Binance, is hiring to fill around 2,000 roles in the exchange. This is despite the fact that other crypto exchanges like Coinbase have announced an intention to cut down their workforce due to the harsh market conditions.

Binance has also made some interesting progress and partnerships in recent weeks. Recently, the firm announced Triple A has its global crypto payment gateway for Binance Pay.

The firm also announced a $500 million fund that it will use to back Web 3 projects.