Changpeng Zhao, the CEO of Binance, the world’s largest blockchain ecosystem has revealed one catalyst that will usher in the next crypto bull market.
According to him, 2022 has been a very turbulent year in the crypto space as several project failures were recorded including Do Kwon’s Terra (LUNA), Celsius Network, Voyager, Three Arrows Capital (3AC), and Sam Bankman-Fried’s FTX exchange.
While these unfortunate occurrences fueled the present crypto bear market that has seen Bitcoin (BTC) fall near the $15k zone, CZ noted that crypto prices have been incredibly resilient adding that the next bull run will be massive, making the crypto industry a stronger one.
He wrote, “in terms of market health, every bear market is better than the last, and I expect the industry to recover relatively quickly. We’re still seeing the secondary cascading effects on the market, but crypto prices have been incredibly resilient. Regardless of whether recovery will happen in one month or one year, we will definitely come out on the other side as an exponentially stronger industry.”
CZ Binance added that innovations and sustainable developments in the nascent and growing industry are what will trigger the next bull run. “I believe that the next bull market will come from innovation in the ways these products are used to create unique utility,” he wrote in his latest letter to the crypto community.
Looking at the losses incurred by crypto users as a result of failed projects, Changpeng Zhao stressed the need to build systems that ensure users’ safety and security of funds.
He wrote, “It’s critical now that the ecosystem focuses on protecting users first and foremost, but also on innovating and building in order to bring crypto and Web3 more deeply into people’s daily lives. I believe that infrastructure and data tools will continue to grow and advance and that we’ll see Web3 ownership evolve, with a rise in non-custodial and multi-chain wallets.”
While many have tried to predict when the next bull market will set in, CZ noted that the expected bull run may happen anytime as the exact timing is impossible to know.
Meanwhile, he encouraged industry players to stay focused on building new and sustainable products as it is the major catalyst needed for the anticipated change of trend in the crypto market.