On July 5, Binance CEO Changpeng Zhao predicted the next Bitcoin bull run in a Twitter Space.
Binance CEO Changpeng “CZ” Zhao has predicted the next Bitcoin bull market.
During a July 5 Twitter “ask anything” session, CZ discussed BlackRock’s plans to enter the cryptocurrency industry, provided listeners with an update on continuing legal action against the exchange, and shared his predictions for the next bull run.
CZ stated that historically, the price of Bitcoin changed in four-year bull cycles, and his best guess was that this pattern will hold true going forward.
Zhao emphasized the approaching Bitcoin halving event in 2024 and predicted that 2025 would most certainly welcome in the next bull market, despite admitting that he couldn’t see into the future. Zhao said:
“The bull year usually occurs the year following the Bitcoin halving.”
When asked if he was concerned about BlackRock’s recent entry into the space of spot Bitcoin exchange-traded funds, CZ complimented it and claimed it would be “hugely beneficial” for the cryptocurrency sector.
Since the firm’s June 15 filing, many have expressed concern that the intentions of large TradFi firms contradict the idea of Bitcoin as a decentralized monetary network.
Furthermore, Zhao dismissed concerns that BlackRock would eventually cut into Binance’s market share by calling the overlap between their respective user bases “minimal.”
“Anyone who enters into crypto who is not in crypto today will bring more people into crypto.” Will they compete with us for any of our existing users? Yes, most likely a little. However, if you must be honest, have a look at our user base. There is very little overlap.
Zhao stated that Binance wants to be “prepared for higher [trading] volumes” over the following 18 months due to two main factors: growing institutional interest in cryptocurrencies and the impending halving of Bitcoin.
Zhao’s remarks follow BlackRock CEO Larry Fink’s praise for Bitcoin as an “international asset,” adding that it may be used as a hedge against inflation and the depreciation of some fiat currencies.
Zhao was additionally questioned about the progress of the legal proceedings taken against his exchange during the Twitter Space. Zhao stated that he and Binance are searching for “the most expedient, reasonable, and mutually agreeable solution possible,” while he conceded that he couldn’t get into specifics.