CEO of Binance forecasts a Bitcoin And Crypto ‘Bull Run’
Throughout the most part of the current year, Bitcoin and cryptocurrency enthusiasts have eagerly awaited the next bull run, with a certain hope of its price returning or possibly exceeding the near $20,000 price per coin mark it reached late last year.
Although, the bitcoin price has shown a downward trend throughout the year so far, thus affecting the entire cryptocurrency market which has also had to bear losses. While the likes of other major cryptocurrencies ripple (XRP) and Ethereum are down by nearly 80%, the price of bitcoin (BTC) is down by about 70% from its peak.
In a fresh perspective, the chief executive of the bitcoin exchange Binance, Changpeng Zhao, has said that a bitcoin “bull run” is set to happen “sooner or later”, as he said in an interview with CNBC’s Crypto Trader program: “Even if I don’t know what will catalyze a bitcoin bull run, I am certain it will happen… Sooner or later, something will trigger it.”
According to Changpeng Zhao, the CEO of the world’s largest exchange by volume, Binance which is down by nearly 90% from January, he firmly believes that the company and the wider market are heading towards bigger things.
In a statement, CZ said, “In comparison to January [of 2018], we are probably down 90 per cent. So we only have one-tenth of the trading volume compared to what we had in January. But, compared to like a year or two years ago, we’re still trading at huge volumes. Business is still okay, we are still profitable, and we are still a very healthy business.”
CZ also further said that Binance has noticed a steady increase in the number of bitcoin deposits and active users as the year has progressed.
Also, additionally in a Medium post, Binance outlined its plans for institutional investors, writing that it expects “a larger number of institutional investors to increase their allocation into this [cryptocurrency] asset class.”
Quite significantly, Erik Voorhees, the chief executive of bitcoin and cryptocurrency exchange ShapeShift, is of the opinion that the next bitcoin price surge would be triggered thanks to the U.S. debt.
In a Twitter post, Voorhees said earlier in the previous week, “When the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed, which would mark the next global financial crisis, Watch what happens to crypto.”