Binance CEO Changpeng Zhao believes that the market has officially entered the crypto winter and it will last for at least 2 more years.
In a chat with Fortune, Mr. Changpeng Zhao shared his thoughts on the current market landscape. He expects the crypto winter to last a few more years.
Although many projects are facing the risk of default and mass closures are happening, the CEO of the world’s largest cryptocurrency exchange still wants to focus on the positives:
“I’m not debating that it is disastrous. It is bad. But when this disaster is happening, there is also opportunity.”
According to Bloomberg statistics, the assets of the top 7 billionaires in the cryptocurrency industry have decreased by $114 billion in the past 8 months. CZ’s assets alone decreased from $95.8 billion in November 2021 to only $10.2 billion as of June 2022.
According to CZ, the future will still be quite bleak, but somewhere there is still an opportunity to seize. This will be an opportunity to attract the brightest talent and the perfect time to make acquisitions at bargain prices.
Binance CEO described although it is painful to say that the crypto winter is a necessity, it is like a cleansing of the market, weak projects will have to die, making way for really good companies for the development of crypto.
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