Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when
Binance CEO Changpeng Zhao delivered his forecast for the next Bitcoin bull run during a Twitter Space on July 5.
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Binance CEO Changpeng “CZ” Zhao has delivered his prediction for the next Bitcoin (BTC) bull market.
In a July 5 “ask me anything” session on Twitter, CZ covered BlackRock’s intention to enter the crypto market, updated listeners about ongoing regulatory action against the exchange, and gave his thoughts on the next bull run.
CZ explained that the price of Bitcoin has historically moved in four-year bull cycles and his best bet was that this would continue to occur.
While he admitted that he couldn’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, stating:
“The year after Bitcoin halving is usually the bull year.“
Asked whether he was concerned about BlackRock’s recent entry into the spot Bitcoin exchange-traded fund arena, CZ welcomed it, saying it is “hugely beneficial” for the crypto industry.
Since the firm’s June 15 filing, many have raised concerns that the intention of major TradFi firms stands in direct contrast to the ethos of Bitcoin as a decentralized monetary network.
Zhao also brushed off concerns that BlackRock could eat up Binance’s market share in the future, describing the overlap between their respective customer bases as “minimal.”
“Anyone who’s coming into crypto that’s not in 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.”
Zhao explained that increased institutional interest and Bitcoin’s upcoming halving are the two primary reasons why Binance wants to be “prepared for higher [trading] volumes” over the next eighteen months.
Related: Bitcoin ETFs: Even worse for crypto than central exchanges
Zhao’s comments come just hours after BlackRock CEO Larry Fink praised Bitcoin as an “international asset,” saying that it could be used to hedge against inflation and the devaluation of certain fiat currencies.
During the Twitter Space, Zhao was also questioned about the status of regulatory action against his exchange. While he acknowledged that he couldn’t talk specifics, Zhao said that he and Binance are looking for “the most expedient, reasonable and mutually agreeable solution possible.”
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