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Binance CEO Changpeng Zhao has given his prediction for the next Bitcoin (BTC) bull market.
Speaking in an “Ask Me Anything” session on Twitter on July 5, CZ explained how the price of bitcoin has historically risen in four-year bullish cycles.
— Binance (@binance) 5 July 2023
Although he admitted that he cannot see the future, Zhao emphasized the upcoming bitcoin halving event in 2024 and declared 2025 as the most likely year for the next bull run, saying:
“The year after the bitcoin halving is usually a bull year.”
CZ Addresses BlackRock and the Bitcoin ETF
When asked if he was concerned about BlackRock’s recent foray into the spot bitcoin ETF sector, CZ welcomed the idea, saying it is “hugely beneficial” to the crypto industry.
Since the firm’s June 15 filing, many have raised concerns that the intentions of the leading TradeFi firms are in direct contrast to bitcoin’s ethos as a decentralized monetary network.
Zhao also dismissed concerns that BlackRock could eat into Binance’s market share in the future, describing the overlap between their respective customer bases as “minimal.”
“Whoever is coming into crypto who is not in crypto today will bring additional people into crypto. Will they compete with us for any of the existing users? Yes, maybe a little. But to be honest, look at our user base. The overlap is minimal.”
Zhao explained that the upcoming bitcoin halving, along with increased institutional interest, are the two primary reasons Binance wants to be “ready for higher (trade) volume” over the next eighteen months.
Connected: Bitcoin ETFs: Worse Than Central Exchanges for Crypto
Zhao’s comments come just hours after BlackRock CEO Larry Fink praised bitcoin as an “international asset”, adding that it could be used as a hedge against inflation and the devaluation of some fiat currencies. Could
#bitcoin is an international asset. – Larry Fink, BlackRock CEO pic.twitter.com/WIVKITXYPj
— Michael Saylor ⚡️ (@saylor) 5 July 2023
During the Twitter space, Zhao was also questioned about the status of regulatory action against his exchange. Although he acknowledged that he could not speak specifically, Zhao said that he and Binance are looking for “the most expedient and fair and mutually agreeable solution.”
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