Changpeng Zhao: “A market crash is the right time to buy cryptocurrencies”

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The CEO of the Binance cryptocurrency exchange called the current downturn in the cryptocurrency market a good time to buy Bitcoin for the long term.

Changpeng Zhao stated that,Traders with extra money should consider buying more Bitcoin during a bear market. The head of Binance cited the example of MicroStrategy, which on June 29 purchased 480 BTC worth about $10 million at an average rate of $20 817 per coin. MicroStrategy CEO Michael Saylor continues to support Bitcoin, despite the company's losses due to the market decline amounting to more than $1.2 billion. 

Zhao also mentioned President Salvador NayibBukele (Nayib Bukele), who recently purchased another 80 BTC to the treasury. If traders can survive the current bearish trend in the market, their investments will multiply during the next bullish trend, Zhao said:

“Cryptocurrencies are here to stay.If you project the industry five, ten, or even twenty years out, more applications will be developed and more people will join the industry.”

The businessman noted that short-termThe market's prospects remain uncertain, as it could either recover or decline even further in the coming days. Zhao believes it is unlikely that the bearish trend could be part of a four-year cycle, noting the continued decline in cryptocurrency prices. However, rising inflation is pushing people towards adopting digital assets.

Binance CEO is optimisticis bullish on decentralized finance (DeFi). He is confident that in the next five to ten years, decentralized exchanges can overtake centralized platforms, although the latter will still occupy a significant segment of the market. However, the bulk of trading will be conducted through DeFi, Zhao believes. He added that Binance does not want to become a bank or a monopolist like Facebook. If you compare the exchange with any giants, Binance strives to become like Google by providing users with Web3 tools.

Zhao called Bitcoin the most decentralizedcryptocurrency. He recently said that market fluctuations are a completely normal phenomenon, and suggested that by 2024 Bitcoin could surpass its all-time high of $69,000.