- Binance CEO: The crypto downturn is an opportunity to accumulate
- CZ claims cryptocurrencies have a 4-year bearish/bullish cycle.
Since 2022, the crypto market has seen a decline and entered a bear market. Last week, things worsened. Most cryptocurrencies have lost over 30% in the last week. This follows a global recession.
Binance CEO Changpeng Zhao (CZ) recently discussed the crypto market with Fortune.
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Crypto downturn for Opportunity
CZ says the price drop is both a blessing and a calamity. Those who bought high now have devalued assets. Several investing platforms have liquidated. Celsius and 3AC are examples.
The downturn benefits those who can buy low. Bear markets are favourable for buying cryptocurrencies. CZ said the crypto market has a bear and a bull market. It’s a 4-year cycle. So, the bear and bull markets each last two years. Since the bull market ended in 2021, the current bear market is anticipated to last.
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CZ stated that Binance is hiring additional people to increase its workforce to 8,000 from 6,000. Coinbase is laying off personnel. Over 1,000 Coinbase employees have been laid off. CZ believes hiring during this time will yield decent offers.
During this bear cycle, CZ plans to accumulate. He stated that Binance has enough money. The corporation invests in tech firms. CZ contributed $500 million to Elon Musk’s Twitter. Binance invested $200 million in Forbes.