Changpeng Zhao (CZ), the CEO of Binance, the world’s largest crypto exchange by trading volume, has stated that Bitcoin (BTC), the largest cryptocurrency by market cap, will retest its price all-time high in the long run.
During his recent interview with The Guardian, CZ Binance, who is currently the richest person in the crypto industry, showcased his confidence in the fact that Bitcoin will surpass its all-time high. However, he said it could take a few months or a couple of years.
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According to the report, Binance boss said Bitcoin price sentiment depends on perspective.
CZ Binance said:
“I think given this price drop, from the all-time high of $68,000 to $20,000 now, it will probably take a while to get back. It probably will take a few months or a couple of years.
“$20,000 we think is very low today. But you know, in 2018, 2019, if you told people bitcoin will be $20,000 in 2022, they would be very happy. In 2018/19, bitcoin was $3,000, $6,000.”
Back in November 2021, Bitcoin (BTC) recorded its record high price of relatively $69,000. At the time of filing this report, BTC is trading at $20,908, with a relatively 1% price uptrend in the last 24 hours.
In the course of the conversation, CZ stated that reckless spending during the bull run has now put some crypto projects in a very difficult situation.
CZ Binance added:
“Right now, it definitely feels many projects are in a bind because once you get to an all-time high, all the projects spend money like they were always going to be at that all-time high. So now when it drops it feels like during the winter. But for projects that have conserved cash, we’re still fine, we’re still hiring, we’re still growing.”