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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Market’s Long-Term Trend is Positive: Binance CEO Explain Why

Nick Chong
Nick Chong
1 year ago
2 mins read
bitcoin, crypto,

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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.

Related Reading: Research Group: Bitcoin’s Halving Unlikely to Catalyze Bull Run, But Here’s What Might

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.

Related Reading: Should History Repeat, Bitcoin Price Will Drop 40% to Bottom at $4,300

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.

https://twitter.com/BLOCKTVnews/status/1145133347481538560

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.

Related Reading: Bitcoin Price is Poised to Return to $6,500 Lows; Analysts Explain Why
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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