Talk to luckBinance CEO Changpeng Zhao (CZ) shared his thoughts on cryptocurrency winter and said he hopes it will be a long one.
But he added that he prefers to focus on the positives of the market downturn as losses and platform closures build up. CZ said:
“I’m not arguing that it’s miserable. It’s bad.
But when this disaster is happening, there are opportunities. “
Breaking the cryptocurrency will sink the token’s reputation
Since the market top in November 2021 $ 2 trillion The capital is out of the crypto space and represents a drawdown of 70% of the total valuation.
Market leader Bitcoin has fallen 56% year-to-date, remaining close to $ 20,000, the top bull market in 2017. Analysis by Glassnode predicts that BTC will drop by up to 64% from here, with a minimum price of around $ 7,500.
in the meantime, @WatcherGuru Almost three-quarters of the top 100 projects tweeted that their current prices are more than 90% below ATH.
Interesting information: 72 of the top 100 #crypto Market capitalization has fallen by more than 90% from a record high.
— Watcher.Guru (@WatcherGuru) June 17, 2022
According to the CZ, the outlook is disastrous, but there are opportunities for the genocide. He said he was in a good position to hire the best talent and buy top-tier companies at the lowest prices.
CZ sees a chance in the dark
On Wednesday, CZ cast a shadow over the competition by tweeting that Binance was trying to fill the company’s 2,000 vacant seats.To elaborate, he Said He hopes to complete the recruitment by the end of the year, which will increase the staff to 8,000.
Many crypto exchanges, including Coinbase, Gemini and Crypto.com, have recently announced staff cuts to avoid harsh trading conditions.
However, CZ has suggested that by tightly controlling advertising spending, Binance is in a strong cash position and can be hired when others are reducing numbers.
When the crypto winter bites hard, CZ Described the situation as necessary culling. There, weak projects disappear, leaving only strong projects that thrive when the good times come back.
“It’s a pain for many, but it removes weak projects, leaving only strong ones.
Everyone who lasts and survives will be stronger. “
As for when it is, Binance’s boss believes that the recession could last for about four years and will take us in 2026.
