Binance CEO Shares Bullish Sentiment Despite Languishing Crypto Prices from All Time High Levels
The nature of trade demands a cyclical nature, demand raises prices and excess supply drops prices.
While this has been the case for ages, the massive drop in the value of Cryptocurrencies, since the all-time highs of December 2017 have undoubtedly spooked many investors. Though that is something the CEO and co-founder of Binance Changpeng Zhao aka CZ don't agree with.
CZ was at an event hosted by his company and spoke about a range of topics. He discussed the overall growth seen in the cryptosphere and talked about the new and exciting projects lined by up different entrepreneurs. While acknowledging the massive price slide, the Binance boss felt the industry overall has recovered and has been growing stronger.
Investment Opportunities Abound
In an interview, the Chinese-Canadian businessman expressed his opinions about the state of the market. Comparing it to last year at this time, he noted that the “ space is much healthier.”
Explaining this point in detail he points out how “There were tons of bad opportunities to invest and people invest in those.”
The opportunities presented now, when the prices are down, are well-planned offerings that have a greater chance of success. This has been made abundantly clear by the more enthusiastic participation, albeit from a smaller but more knowledgeable bunch of investors. He goes on to say,
“ I think today, right now, there’s lots of really good opportunities. The valuations are good now and they are really good projects going on”
Talking about the nosedive the prices took, CZ looked at it as more of a boon than a curse. While pointing out that the value of Bitcoin [BTC], the largest cryptocurrency in the market, has jumped from about $300 in early 2017 to its current “disastrous” price of around $3500; that is still a massive growth that has outperformed almost all S&P stocks.
He opines that the industry has grown and will continue to do so despite the massive slump in its price.
Talking about changes to his company, CZ assured people that Binance was not making any fundamental changes,
“I think I said a few times in different places about where we do want to build five to ten Fiat on-ramps around the around different parts of the world.” He noted that the idea is to simply have a global market reach.
At the same time, with an overwhelming demand for this segment, the billionaire felt that fiat exchanges can be complementary and thus aid in the industry’s overall growth. This is the main reason his exchange is looking for an opportunity to expand into that space.
“So, In my view most of the money is fiat. We need to get the Fiat coming in while on the flip side we are working on the decentralised exchange.”
One of the richest men in Crypto certainly makes some interesting points. With more well-planned projects getting underway, now seems to be a good time to re-enter the market. Along with that more Fiat to crypto options only makes it easier. What remains to be seen is if the prices remain stable, to give all these other projects and ideas an opportunity to come to fruition.