Binance CEO Changpeng Zhao predicts the timing of the upcoming Bitcoin bull run in a Twitter Space event on July 5th.
During a Twitter Q&A session on July 5th, CZ (Binance CEO) discussed BlackRock’s plans to enter the cryptocurrency market, provided updates on regulatory actions against the exchange, and shared his thoughts on the upcoming bull run.
CZ explained that Bitcoin’s price has historically followed a pattern of four-year bull cycles, and he believes this pattern will likely continue in the future.
Although he acknowledged that he couldn’t predict the future with certainty, Zhao highlighted the significance of the upcoming Bitcoin halving event in 2024.
He expressed his belief that 2025 is the most probable year for the next bull market, noting that historically, the year following a Bitcoin halving tends to be a bullish period.
When asked about BlackRock’s recent entry into the spot Bitcoin exchange-traded fund (ETF) market, CZ expressed his support and enthusiasm. He mentioned that BlackRock’s involvement is highly advantageous for the cryptocurrency industry.
Since June 15, when the firm filed its intentions, many people have expressed concerns that major traditional financial firms’ goals contradict Bitcoin’s essence as a decentralized monetary network.
Zhao dismissed worries that BlackRock could take away Binance’s market share in the future, stating that there is minimal overlap between their customer bases.
He explained that newcomers entering the crypto market would bring in more people overall and might compete slightly with existing users. However, when considering Binance’s user base, the potential overlap is insignificant.
Zhao clarified that Binance wants to be ready for higher trading volumes in the next eighteen months due to two main factors: increased institutional interest and the upcoming Bitcoin halving event.
Zhao’s remarks came shortly after BlackRock CEO Larry Fink expressed positive views about Bitcoin, describing it as an “international asset.” Fink stated that Bitcoin could be utilized as a hedge against inflation and the depreciation of specific fiat currencies.
During the Twitter Space event, Zhao was asked about the progress of regulatory action against Binance. While he couldn’t provide detailed information, Zhao mentioned that he and Binance are actively seeking a solution that is prompt, fair, and acceptable to all parties involved.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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