According to Binance CEO Changpeng Zhao (CZ), Bitcoin could stay below its historical high of $69,000 for the next two years.
The CEO said in an interview with the Guardian, that people would have been very happy four years ago, if they had been told that Bitcoin would be trading at $20,000 in 2022.
He said, “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.”
The price of Bitcoin at the time of writing is $20877.30, a major plunge from its November 2021 high of almost $69,000.
Zhao believes that “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.”
A month ago, when asked whether Zhao considered the current fluctuations in bitcoin and crypto prices to be “normal”, he responded, “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 is normal.”
The crypto market is currently in a slump triggered by the crash of Terra UST when it lost its peg to the dollar. This was followed by the Celsius Network pausing withdrawals and Three Arrows Capital facing insolvency issues.
Zhao refused to comment when asked about the SEC’s investigation into Binance over its BNB Token.
He simply responded, “We talk with all regulators around the world. They send us questions, we answer them, with an investigation or not.”
When asked if Zhao feels that industry is entering another crypto winter, he responded, “Right now, it definitely feels many projects are in a bind because once you get to an all-time high, all the projects spend money like they were always going to be at that all-time high. So now when it drops it feels like during the winter. But for projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.”
Also Read: Are We In a Crypto Bear Market?