The year has almost come to an end and the long expected cryptocurrency bull run still hasn’t occurred. While many retail investors have given up on the possibility of a bull run happening this year, some big time industry leaders are still optimistic. One of such people is Changpeng Zhao, the CEO of one of the largest cryptocurrency exchanges in the world, Binance.
What Changpeng Zhao Has To Say About Bitcoin (BTC)
Not too long ago, Ran NeuNer, the CEO of CNBC, and OnChain, had a seat down with many prominent people in the cryptocurrency industry. Speaking with people like Roger Ver, Gabor Gubacs and Changpeng Zhao, NeuNer was able to get insight about the industry. Of particular interest was the opinion of Changpeng Zhao. He said that despite the current state of the market, he still believes that s cryptocurrency bull run is imminent. In his words:
“Even if I don’t know what will catalise a Bitcoin bull run, I am certain it will happen”.
This was his response when he was asked about what the catalyst for his predicted bull run will be. He did note that the question was a difficult one to answer straightforwardly and he can’t pinpoint a particular catalyst that will trigger the bull run.
Zhao made reference to his many years in the cryptocurrency industry and to the what happened to the market in 2016. He noted that no one was able to predict the rapid growth of ICOs which eventually led to a frenzy that fueled the 2017 hike in price of crying. He said that the fact that ICOs are now cooling off is a good sign for the industry because it will encourage the production of goods, tokens and services that will be useful and enticing to investors.
Bitcoin (BTC) Price Today – BTC / USD
He also said that an influx of institutional investors might also be a trigger in the market. Already, institutional products and regulated stablecoins are being launched to accommodate these investors. The fact that prices haven’t been influenced by these things yet made it difficult for Zhao to pinpoint a catalyst. Notwithstanding, Zhao insists that a bull run is coming soon.
Zhao isn’t the only one who is bullish about the industry. Many other experts have agreed that the market has bottomed out and a rebound is at hand.
How Has Binance Remained Relevant Even With Competition At Every Turn?
During the seat down, Zhao was asked how his startup, Binance, managed to keep investors satisfied amid this bearish market. In response, he made reference to a secret recipe that has kept the exchange on top. He said that the success of the startup is as a result of a mixture of luck and hard work. Bianace offers quality products to investors along with standard customer service. This, according to Zhao, it what has kept it on top.