Despite many mainstream economists and financial analysts continually dissing the crypto market, Binance CEO Changpeng Zhao was recently quoted as saying that he has “a high level of confidence” in the future of the altcoin sector— despite the industry facing challenging economic conditions right now.
In this regard, Zhao who recently spoke with Bloomberg hosts Tracy Alloway and Yousef Gamal El-Din, stated that he expects his firm to start off the new year with a bang, particularly because his economic projections seemed to be in line with the conditions being experienced by the crypto market at large right now.
In his words:
“2018 has been a tough year in terms of pricing for the cryptocurrency. And we see a lot of projects not making it this year, so it's a correction year. But technology will stay, and we wanna kick off 2019 with a bang… So I think the people in the industry are still very confident about the future. So there’s no worries about that.”
Binance CEO Changpeng Zhao Extremely
When asked about the future of the crypto market, Zhao said that due to the speculative nature of the altcoin domain, monetary fluctuations were bound to happen. For example, last year Zhao said that the crypto industry
“saw an over-fluctuatory anomaly which was then followed by a correction phase which has lasted for a majority of this year.”
Straight after, Zhao then went on to state that it was
“impossible for anyone to really know when the ongoing bear market would subside”.
In closing, it is worth remembering that Binance is currently pursuing its ambitions to launch its very own decentralized exchange in the coming few months (so as to provide its customer base with a lot more financial flexibility and freedom).
Not only that, Zhao has also time and again gone on record to say that his firm is open to regulatory involvement from governments all over the world— so as to make this sector more open and approachable to the common man.
Last but not least, when asked about the performance of his personal crypto portfolio (that was reported to be worth a whopping $2 billion earlier this year), Zhao said that even though he couldn't confirm the current value of his private assets, his portfolio definitely had taken a “massive beating” all through 2018.