Binance CEO Expects Bitcoin Price to Increase ‘A Few Hundred Percent’ per Year
Binance CEO Changpeng Zhao says Bitcoin’s slump is natural, and he expects it to continue surging in the years to come.
Zhao made the prediction in a new interview with Cointelegraph, comparing Bitcoin’s current patterns to its performance in the past.
“I usually don’t make predictions because any prediction I make will be wrong. But looking historically we have spent 99 percent of the time slightly below a historic high. If you look at Bitcoin, so far, the maximum high was $20,000. But if you look at 2 or 3 years before that, it was like $1,000. It went up and came down a little bit, and then it stays there. Reaching a peak and dropping down is a totally normal market behavior.
If you look at a year time span, instead of always comparing to the peak – it’s not going to create a new height every single day. The price of Bitcoin is not going to be linearly straight up. That’s not how markets work. Markets always overreact. I’m very comfortable with Bitcoin’s price. If I was making any predictions, I would say it will continue to increase by a few hundred percent yearly for the next few years.”
As for his company’s future, Zhao says he didn’t expect Binance to become the world’s biggest exchange so quickly.
He says the platform’s customer support is still not nearly good enough, and one of his biggest goals is to focus on solving customer’s issues as quickly as possible.