Binance CEO CZ commented on cryptocurrency price movements. The CEO says Bitcoin and altcoin assets have a 4-year cycle. As a result, cryptocurrencies are up for 2 years and down for 2 years, and this is completely cyclical.
Bitcoin and altcoins are falling
Since the beginning of 2022, the cryptocurrency market has experienced a downturn. Furthermore, the market has entered a bearish period which many think will enter in a long period. However, things got worse last week. Bitcoin and most altcoins have hit rock bottom, losing over 30% of their value in the past 7 days. The fact that the decline came after the global economy entered the recession period did not go unnoticed. In a recent interview with Fortune, Binance CEO Changpeng Zhao (CZ) shared some of his thoughts on the cryptocurrency market.
Binance CEO: Collapse is both disaster and opportunity
According to CZ, the current drop in Bitcoin prices is both a blessing and a disaster. It’s a disaster for investors who have bought at the highest levels and have now significantly lost their holdings. In fact, several investment platforms have already faced liquidation. These include Celsius Network and 3AC.
On the other hand, the drop is a boon for those who can afford to buy at the bottom. The bear market is always a great opportunity to accumulate Bitcoin and altcoins. CZ implied that the cryptocurrency market has two extremes. Bear market and bull market. As a result, the market changes over a 4-year cycle. So there are two years for a bear market and two years for a bull market. The current bear market is expected to continue as the bull market appears to have ended at the end of 2021.
Binance is recruiting
CZ is also increasing hiring to raise the total staff of the Bitcoin Binance exchange from the current 6,000 to 8,000. Interestingly, other exchanges such as Coinbase have started cutting staff. Coinbase, one of the giant exchanges, has already laid off more than 1000 employees. CZ is of the opinion that hiring during this period has the advantage of receiving reasonable offers.
The bitcoin exchange will invest in companies
CZ aims to save big on Binance in this bearish cycle. The world famous CEO stated that his funds are enough to save. As a result, the largest Bitcoin exchange in the world, Binance, is preparing to invest in various technology companies. cryptocurrency.com As reported, the stock market has announced that it will invest $ 500 million in Twitter, which Elon Musk recently bought. Additionally, Binance has announced in the past that it will invest $ 200 million in Forbes, a finance-focused media company.
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