Changpeng Zhao: Bitcoin needs two years to reach $69,000

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CEO of the world's largest crypto exchange Binance believes that after the current collapse of the cryptocurrency market, bitcoin will be able tojump its all-time high of $69,000 by 2024.

Changpeng Zhao gave an interview to the British edition of TheGuardian.The businessman believes that it will take some time for bitcoin to reach the $69,000 mark, fromOverall, however, Zhao is optimistic.When asked if he considers the current fluctuations of the cryptocurrency market to be normal, the CEOHe replied that if you look at the bottom of Bitcoin, it is now higher than the last peak.This suggests that the industry is definitely growing, and market volatility is quite common:

"Right now, it seems to us that $20,000 bitcoin is very small.But if you had told people in 2018 or 2019 that Bitcoin wouldIn 2018, bitcoin was worth $3,000 , and in 2019 it was worth $6,000 ."

The head of Binance believes that somecryptocurrency projects may now encounter problems, since they were created at the peak of market development. Therefore, during a recession, investors get the feeling that a crypto winter has arrived. Early market entrants are taking things more calmly, growing and even recruiting staff, Zhao said. Last week, the head of Binance said the exchange plans to hire about 2,000 new employees, while other trading platforms are laying off people, citing high volatility in the cryptocurrency market.

Zhao refusedcomment on the investigation launched by the US Securities and Exchange Commission (SEC) regarding the sale of BNB in ​​2017. The regulator intends to determine whether this was an unregistered sale of securities. Zhao only said that Binance is interacting with regulators around the world. If they have questions, the exchange responds by conducting its own investigation or not.

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Previously, the CEO of Binance stated that supervision of digital assets is necessary for the full development of the industry, so it is important to maintain communications with regulators.