Binance CEO: The Current Crypto Downturn Is The Perfect Opportunity To Accumulate
CZ says cryptos have a 4-year cycle, half of which is bearish and the other bullish.
Since the beginning of 2022, the crypto market has experienced a downturn and entered a bear market that many people think is going to a long period. Things got worse last week. Most of the cryptos have shed off over 30% of their value with the last 7 days. This comes in the wake of the global economy entering a period of recession.
In a recent interview with Fortune, Binance CEO Changpeng Zhao (CZ), has a few opinions to share about the crypto market.
Disaster And Opportunity
According to CZ, the current price crash is both a blessing and a disaster. It’s a disaster to those who bought the top and now have their assets significantly devalued. As a matter of fact, a few investment platforms have already faced liquidation. These include the Celsius Network and 3AC.
On the other hand, the downturn is a blessing to those who are in a position to buy the bottom. The bear market is always a great opportunity to accumulate cryptos. CZ went on to intimate that the crypto market has two extremes – the bear market, and the bull market. These happen within a 4-year cycle. So, there are two years for the bear market, and two for the bull market. Since the bull market seems to have ended in late 2021, the current bear market is expected to be prolonged.
Binance Is Hiring
CZ also said that Binance is hiring more personally to bring its total manpower to 8,000, up from the current 6,000. Interestingly, other exchanges like Coinbase are laying off staff. Coinbase has already laid off over 1,000 of its personnel. CZ is of the opinion that hiring during this period has the advantage of getting reasonable offers.
Exchange To Invest In Companies
CZ plans to accumulate during this bear cycle. He said that Binance exchange has enough funds for that purpose. The company will also invest in various tech companies. CZ has already pledged to invest $500 million in Twitter under Elon Musk’s ownership. Binance is also investing a further $200 million in Forbes, a media company.
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