Is there a new bitcoin all-time high on the horizon? It’s possible, according to Changpeng Zhao (CZ). The CEO of Binance, the world’s largest crypto exchange, believes BTC needs anywhere from a few months to two years to reach the current all-time high of roughly $70,000. Additionally, CZ predicted that the biggest crypto projects are positioned to survive this bear market while smaller coins may face trouble.
Price Fluctuations Are a Common Occurrence
Amidst past crypto crashes, CZ often provided guidance to his fellow investors. In a recent interview with The Guardian, he’s back with more advice. During the interview, CZ stated that the industry is a new one and that price fluctuations are completely normal.
While some might see BTC’s price sitting at $20K as “very low,” a more comprehensive view of the coin’s growth over the years reveals considerable progress.
“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.”
Moreover, CZ remains optimistic about a new bitcoin all-time high, which the asset reached last November when it hit $69,000. However, he believes this can take up to two years to occur.
“I think given this price drop, from the all-time high of 69K 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.”
Building on this, CZ stated that this continued crypto winter may be cause for concern for smaller projects that came up in the most recent bull market. Contrarily, larger enterprises with more history in the industry are likely to endure the crash.
Additionally, the CEO went on to assure everyone that Binance has the expertise and capital necessary to weather the storm. If true, this places them in a stronger position over CryptoCom or Coinbase, which recently had to lay off employees. Binance, on the other hand, has seen an expansion in its team.
Crypto’s Ultimate Champion?
Earlier in June, CZ, who some estimate to be among the wealthiest in the world, stated that he sees digital currency as both a means of exchange and investment. He who believes in a new bitcoin all-time high also claims that he holds no fiat currencies, placing all of his wealth in cryptocurrencies.
“For me, I don’t have dollars. Everything I have is in cryptos. So when I need to spend money, I need to spend some parts of it somewhere. For me, I’m all in cryptos. I don’t have to think about selling crypto. Crypto is my money.”
Further, the CEO praised crypto as a means of facilitating cheaper, faster payments across borders. He also said that BTC and other coins are a great alternative for donations.
Featured image courtesy of Binance