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Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when

July 6, 2023No Comments


Binance CEO Changpeng Zhao delivered his prediction for the next Bitcoin (BTC) bull market.

Speaking at a July 5 โ€œask me anythingโ€ session on Twitter, CZ explained how the price of Bitcoin has historically moved in four-year bullish cycles.

While admitting that he cannot see into the future, Zhao emphasized Bitcoin's next halving event in 2024 and stated that 2025 would be the most likely year for the next bull market, stating:

"The year after the Bitcoin halving is usually the bull year."

CZ Addresses BlackRock and Bitcoin ETFs

Asked if he was concerned about BlackRock's recent entry into the Bitcoin ETF arena, CZ welcomed the idea, saying it is "hugely beneficial" for the cryptocurrency industry.

since the signature June 15 presentationmany have raised concerns that the intent of major TradFi companies is in direct contrast to the spirit of Bitcoin as a decentralized monetary network

Zhao also dismissed concerns that Blackrock could eat away at Binance's market share in the future, describing the overlap between their respective customer bases as "minimal."

โ€œAnyone who gets into cryptocurrency who is not into cryptocurrency today will bring additional people into cryptocurrency. Will they compete for any of the existing users with us? Yes, probably a little. But to be honest, look at our user base. The overlap is minimal.

Zhao explained that rising institutional interest and the upcoming Bitcoin halving are the two main reasons why Binance wants to be โ€œprepared for further [trading] volumesโ€ over the next eighteen months.

Related: Bitcoin ETFs: Even Worse For Cryptocurrencies Than Central Exchanges

Zhao's comments come just hours after Blackrock CEO Larry Fink. praised Bitcoin as a "international asset," saying it could be used as a hedge against inflation and the devaluation of certain fiat currencies.

During the Twitter Space, Zhao was also questioned about the status of the regulatory action against his exchange. While he acknowledged that he could not provide details, Zhao said that he and Binance are seeking "the most convenient, reasonable and mutually acceptable solution possible."

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