Binance CEO: Bitcoin will recover faster than the Nasdaq
The crypto market has been experiencing a strong downward trend for some weeks now, with the prices of crypto currencies being only one side of the coin. Nevertheless, the adaptation continues to progress and the blockchain technology will prevail. The CEO of Binance is confident that the bear market can be overcome.
Changpeng Zhao, CEO of Binance, compares in an interview with Forbes the current situation of the crypto market with the starting point of the Nasdaq before the dotcom bubble burst. Zhao explains that Bitcoin and the cryptomarket will recover faster (freely translated):
The crypto industry will remain. I don’t think that’s going away. The blockchain technology is retained. The adoption gets bigger and bigger with time. This is very different from the Nasdaq. The Nasdaq is much bigger. Their market capitalization is much larger. So if you have a big ship that goes down and then comes back, it slows down. So it takes a long time.
I think things will be much faster in the crypto area. Therefore I am very confident.
The news of the last few months was consistently positive, great events are imminent. Bakkt will start, the Nasdaq will issue Bitcoin Futures and the approval of several Bitcoin ETF’s is pending. These are no guarantees for a new crypto spring, but neither Bitcoin nor crypto currencies are dead, as propagated in some major media. Zhao is sure that Bitcoin will rise to its true value, but he makes no statement when this will happen:
Lately, there has been a lot of positive news for crypto. The Nasdaqs run an Exchange. NYSE launches a crypto exchange. They’re listing futures contracts. There are many new developments, many new companies, many new people working in this industry.
So I’ve only seen positive things, but the price is falling for the last time. So it doesn’t make sense to me. But what I know for sure is the price. At the moment the courses show a wrong development, which is somehow funny. But I am very confident that you will come back sooner or later.
You can see the complete interview in this video:
