The price of Bitcoin has traditionally fluctuated in four-year bull cycles, and according to CZ, his best prediction is that this pattern will continue.
Binance CEO Changpeng Zhao acknowledged his inability to predict the future but highlighted the significance of the Bitcoin halving event in 2024, suggesting that 2025 is the most probable year for the next bull market, emphasizing, “The year after Bitcoin halving is typically the bull year.”
When asked if he was concerned about BlackRock’s recent plunge into the space of spot Bitcoin exchange-traded funds, CZ praised it and claimed it would be “hugely beneficial” for the cryptocurrency sector.
Since filing on June 15, many issues have been brought up in relation to the competing goals of significant traditional finance (TradFi) corporations in contrast to the philosophy of Bitcoin as a decentralized financial network.
Zhao, in response to concerns about BlackRock taking over Binance’s market share, dismissed the possibility, stating that there is minimal overlap between their customer bases. Further, he believes new entrants into the crypto market will attract additional users, and while BlackRock may compete for some of the existing user base, the overlap is minimal considering Binance’s vast user base. According to him, “Anyone who’s coming into crypto that’s not into crypto today will bring additional people into crypto. Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base, the overlap is minimal.”
Binance aims to be “prepared for higher [trading] volumes” over the following 18 months, according to Zhao, who cited heightened institutional interest and Bitcoin’s impending halving as the main drivers.
Zhao’s remarks follow BlackRock CEO Larry Fink’s support of Bitcoin as an “international asset” and his assertion that it can be used as a hedge against inflation and the depreciation of some fiat currencies.
In Twitter Space, Zhao was also questioned over the progress of the legal action taken against his exchange. Zhao stated that he and Binance are seeking “the most expedient, reasonable, and mutually agreeable solution possible,” even if he conceded that he couldn’t get into specifics.
