Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
In this regard, Zhao indicated that the market an area or arena, online or offline, in which commercial dealings are conducted. is unpredictable but that it could take time to see a return to Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. above its all-time highs reached in November 2021. It also noted that a BTC at USD $20,000 is not a bad sign for anyone who entered the market in 2018.
- It will take between six months and two years to see the Bitcoin over USD $68,000.
- Un BTC at USD $20,000 is not a bad signal signals are a call to action to either buy or sell an asset. for those who invested in 2018/2019.
- Binance took steps to protect itself from a crypto winter like this one.
The founder and CEO of Binance, Changpeng Zhao (CZ), pointed out that the price of Bitcoin could remain below USD $69,000 for the next few years, but that the current lows should not be seen as a bad sign.
Bitcoin at $20,000 USD is not a bad sign
This is what Zhao said during a recent interview with the media.The Guardian, in which the manager of Binance presented some thoughts on the current state of the crypto market, assuring that the current landscape can have different readings depending on the approach taken.
In relation to the price of Bitcoin and close refers to the closing price; similar to the same term used in stock trading. to $20,000 per unit, Zhao said this is something that would have perhaps made those who invested four years ago very happy:
“We think USD $20,000 is a very low barrier today. But you know, in 2018, 2019, if you told people that Bitcoin would be above USD $20,000 in 2022, they would be very happy. By those years each BTC would cost between $3,000 and $6,000.”
Let’s keep in mind that the price of Bitcoin fell below $20,000 last weekend, and breaking in the world of cryptocurrencies, breaking the forward compatibility of cryptoassets is seen in hard forks of a cryptocurrency. below that barrier was a red flag for many analysts and investors. But Zhao urged people to compare it to other bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” periods and see that as many people have said, that $20,000 is the new $5,000 in the bear market.
It could take a while to get back to USD $68,000.
Regarding the possibility that Bitcoin to resume the uptrend and return to the all-time highs seen in November last year, Zhao said we may have to wait a while to see the digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currency currency is a medium of exchange that defines value. around those levels again.
In this regard, Zhao commented:
“I think given this price drop, from all-time highs of USD $68,000 to USD $20,000 today, it’s probably going to take time to come back. It may take a few months or a couple of years… no one can predict the future.”
As for the previous crypto winter, a Bitcoin it took three years at least to surpass the all-time highs reached in December 2017. Despite the fact that Zhao proposes a similar maximum lapse, several analysts point out that the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market is very different from the one seen in the past, so this situation could reverse if the conditions for that to happen occur sooner rather than later.
On the other hand, the narrative of people such as Michael Saylor and Anthony Scaramucci reiterates that the properties of Bitcoin make it an excellent investment asset in spite of the volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index. present in the market, so it is not unreasonable to think that 1 BTC could reach new highs in the next few years, although the bear market must first be overcome.
About the crypto winter
Finally, the manager of Binance spoke about the effects of the crypto winter, and indicated that for many projects it is a difficult scenario if they have not been able to make provisions for something like this:
“Right now, it definitely feels like a lot of projects are in a bind because once you hit an all-time high, all of these spend money like they’re always going to be at those highs. So now, when it drops, it feels like during the winter. But for the projects that have conserved cash, we’re still doing well, we’re still hiring, we’re still growing.”
Keep in mind that Zhao indicated in a previous interview that they were prepared for such a scenario, so they had a back-up trunk to fund their trades in the event of a bear market. Hence, Binance will continue to carry out its expansion plans and will remain on the hunt for new talent to join the company, in response to those exchanges that have found it necessary to lay off workers to cut costs.
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Version by Angel Di Matteo / DiarioBitcoin
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