Bitcoin and other crypto assets haven’t done too hot over the past six months. Since peaking at $14,000 in June, the leading cryptocurrency, BTC, has lost some 50%, tumbling as bulls failed to keep the upward momentum, and as regulatory pressure and sell-side pressure from miners and the PlusToken scam hit the market.
Despite this, one of the most prominent executives in the industry, Changpeng “CZ” Zhao of Binance, is sure that this industry’s long-term momentum remains in the upward direction, boding well for the future of cryptocurrencies and related technologies.
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Binance’s CEO, CZ, Bullish on Crypto Price Trajectory
As the year has come to a close, crypto and blockchain research firms have started to post their year-end reports, attempting to figure out the top trends of the year and what’s next for this nascent industry.
One such firm, Asia’s Global Coin Research, just released its “Community Predictions for 2020” report, in which it cited countless industry executives.
Changpeng “CZ” Zhao, the prominent chief executive behind crypto’s top firm, Binance, was quoted as saying that he thinks that the long-term trajectory for the Bitcoin and crypto market remains decidedly positive. He elucidated:
“Bitcoin is still a small market cap instrument so there will be high volatility in the short term. However, if you look at the fundamental technology, the longer-term view, about a 5-year or 10-year horizon, we’re very confident that bitcoin and cryptocurrencies are here to stay.”
He went on to say that he thinks blockchain’s impact will do more than the internet, meaning that the industry will grow, thereby meaning that the prices of the asset underlying this industry, be it Bitcoin, Binance Coin or otherwise, will also see growth.
Exec Says $50,000 to $100,000 Bitcoin is Possible
While CZ did not give any crypto price predictions, one of his colleagues has.
Per previous reports from NewsBTC, Gin Chao, the Chief Strategy Officer of Binance, told trade news outlet BlockTV earlier this year that historical trends imply the crypto asset market has a large amount of upside potential.
In fact, he states that if you take previous cycles into account, of which there were at least three, Bitcoin could find itself in the $50,000 to $100,000 range — around seven to 15 times higher than the current price of $7,200, respectively — in the coming decade.
#WEEKINREVIEW: "If you look at historical patterns you are probably looking at new highs at least for bitcoin in the $50,000-100,000 range." – Gin Chao, @Binance Strategy Officer. Check out the full interview at: https://t.co/9EOuzS6ktu pic.twitter.com/lvnU0GntaE
— BLOCKTV (@BLOCKTVnews) June 30, 2019
As to why this will occur, Chao echoed Zhao, looking to the fact that there’s likely to be a “turning point” in the adoption of digital assets. And with investors starting to bifurcate the good digital assets from the bad, with Bitcoin obviously falling into the former category, a move to such a level could be had.
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