According to Changpeng Zhao, founder and CEO of Binance, Bitcoin could bounce back to its historical high of $69,000 in “a few months or a couple of years.” He also pointed out that despite the recent crash in the BTC value, the world’s most popular cryptocurrency is still flying high.
As a reminder, over the last couple of weeks, the price of Bitcoin dropped from above $45,000 to under $20,000. However, as Zhao pointed out, only a couple of years ago, crypto investors would’ve been over the mood if someone told them BTC would be trading at around $20k. In fact, it took nearly a decade for Bitcoin to break the five-digit mark – it went over $10k in 2017 for the first time in history.
Still, Zhao did admit that the recent loss in value is going to have a huge impact on the crypto community. He realizes the price drop is going to cause trouble for investors, especially if the Bitcoin winter doesn’t end soon.
Binance Not Worried About Bitcoin Winter
“I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back,” Zhao said about the current situation.
If the price of BTC stays somewhere in the range of 20k, some companies could be in trouble. This goes especially for those projects that launched during the recent Bitcoin peak. The fact is that the number of crypto businesses increased significantly within the last 12 months, especially around the time when the BTC price hit its all-time high.
Those companies invested money when BTC was at its highest, which means that as the price tumbles, they’re literally hemorrhaging money. However, Zhao has zero concerns that big companies like Binance will weather the storm. His company has been in the business since 2017, accumulating enough cash to go through a crypto winter practically unharmed.
“We’re still fine, we’re still hiring, we’re still growing,” – Zhao’s company has no intention to back now, showing that everyone involved with Binance is certain Bitcoin will bounce back, returning even stronger. The only question at this point seems to be when will BTC enter another bullish period?
