Crypto’s wealthiest billionaire is reportedly confident Bitcoin (BTC) will eventually spring back to its all-time high.
However, his timeline is extremely forgiving.
Binance CEO Changpeng Zhao tells The Guardian it could take anywhere from a few months to a couple of years before the flagship cryptocurrency returns to a record-high price.
“I think given this price drop, from the all-time high of $68,000 to $20,000 now, it will probably take a while to get back. It probably will take a few months or a couple of years.”
Bitcoin hit its reigning record high of $69,044 on November 10th of 2021. At time of writing, BTC is trading for $20,656, up by about 15% from the 2022 low of around $17,800 reached last week.
The Binance co-founder also says Bitcoin’s price sentiment is dependent on perspective, according to The Guardian.
“$20,000 we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be $20,000 in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
Zhao also tells The Guardian that carefree spending during the bull run has now put some crypto projects “in a bind.”
“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.”
Forbes ranked the Binance boss as the wealthiest person in crypto and the world’s 19th richest person in April. The publication estimates Zhao to be worth around $65 billion.
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