The crypto world has been going through the drawdown phase, and all crypto investors are wondering when Bitcoin will reclaim its past glory. Changpeng Zhao, the CEO of binance, believes it might take two more years.
The Guardian reported that Changpeng Zhao, often known as “CZ” in the cryptocurrency community, stated that it might take some time for Bitcoin to return to its prior all-time high price.
When would Bitcoin reclaim $ 69k?
CZ said that people would have been “very happy” if they knew that in the next four years, Bitcoin would be at $ 20k.
“20k we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be 20k in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
When asked when would the BTC price reclaim the peak it achieved, he said,
“I think given this price drop, from the all-time high of 68k to 20k now. It will probably take a while to get back. It probably will take a few months or a couple of years. No one can predict the future”.”
Although CZ cautioned that “no one can foretell the future,” he did point out that Bitcoin’s price had increased significantly from just 2019—when it was under $10K—to $20K. According to CZ, the fact that Bitcoin’s price has risen from its low point to its previous high point is proof that the business is “certainly growing.” While referring to price changes as “natural,” he did not necessarily state that the volatility of cryptocurrencies will become the norm over time.
About volatility in cryptos
When asked whether the volatility of Bitcoin and other crypto tokens is normal, CZ said, “If you look at the bottom [of bitcoin], right now it’s higher than the last peak. So, whether normal or not, I think with the industry still definitely growing, fluctuations in price are normal.”
Since November 2021, the market valuation of the leading cryptocurrency has dropped sharply, according to CZ, and this has put some projects in a “bind.” He nonetheless claimed that Binance was “good” and that the business was still growing and hiring.
Binance in expansion mode
Recently, Binance announced the signing of a multi-year deal with Portuguese football pro legend Cristiano Ronaldo.
Binance stated on their blog about the deal that:
“The five-time Ballon D’or winner is joining forces with Binance to provide a one-of-a-kind experience for football fans worldwide with a series of NFT collections that will launch exclusively on Binance’s official NFT platform. Registered Binance users in select countries will also be able to purchase the collections using Binance Pay.”