Changpeng Zhao (CZ), the CEO of Binance, the world’s largest crypto exchange by trading volume, has recently aired his opinion regarding the current situation in the market, which has affected top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
In a tweet that has since gone viral, CZ stated that the current market condition shows that the crypto ecosystem has experienced vast growth between 2017 and now.
According to CZ in the tweet, back in 2017, people thought $20,000 was too high for Bitcoin (BTC). But today, people are painfully saying that the same price is too low for the same digital asset.
Binance CEO thereby concluded that what we are seeing today is a sign that the crypto market is maturing.
Changpeng Zhao tweeted, “In 2017, we thought 20k was crazy high, today we think 20k is painfully low. The industry is growing.”
In 2017, we thought 20k was crazy high, today we think 20k is painfully low. The industry is growing.
— CZ 🔶 Binance (@cz_binance) June 17, 2022
Mike McGlone Says $20,000 is the New $5,000 for Bitcoin as a Bottom
In an opinion aired by Bloomberg’s senior strategist Mike McGlone about two days, a $20,000 price for Bitcoin (BTC) is like the $5,000 of a few years back.
Mike McGlone tweeted, “$20,000 Bitcoin Maybe the New $5,000 – The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels.”
$20,000 #Bitcoin May be the New $5,000 –
The fundamental case of early days for global Bitcoin adoption vs. diminishing supply may prevail as the price approaches typically too-cold levels. It makes sense that one of the best-performing assets in history would decline in 1H… pic.twitter.com/f5MImdhzgD
— Mike McGlone (@mikemcglone11) June 15, 2022
What Mike means by this is that at $20,000, BTC may well have reached a bottom. He thinks Bitcoin is currently trending similar to when it was struggling to make $5,000 level its strong support.
At the time of filing this report, Bitcoin (BTC) is trading at $21,059, with a relatively 3% price downtrend in the last 24 hours, according to CoinMarketCap.