Binance CEO: High Inflation and Recession Fears Will Drive Bitcoin Adoption
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Answer Binance CEO: High Inflation and Recession Fears Will Drive Bitcoin Adoption
Changpeng Zhao, founder and CEO of Binance, whose name is abbreviated as “CZ,” is a firm believer in Bitcoin and the crypto market in general.
Recently, during his CNBC interview, he explained his view of Bitcoin and the upcoming recession.
During his interview, “CZ” mentioned how Bitcoin is growing and its price rises in each cycle, and he told about the $20,000 level and its importance, and stated:
Read:The market capitalization of the cryptocurrency market is approaching $1 trillion after the price of most currencies, led by Bitcoin and Ethereum, rose
This was the last peak so there is a psychological barrier to it.
So far, the price of Bitcoin has never fallen from its all-time high in the previous cycle.
This time it was different, perhaps due to the sale of Tesla and the collapse of Terra.
However, the bear market ended with Bitcoin defending the $20K line.
He then asked the interviewer about other factors, such as an increase in the money supply or Bitcoin’s association with Nasdaq.
According to CZ, these are two important factors, but in the end it is a collective psychology market and the last record high that Bitcoin has reached is the barrier now.
Market sentiment is the general feeling that investors and traders feel regarding the movement of an asset’s price.
When market sentiment is positive, prices are rising continuously, it is said that there is an uptrend (often referred to as a bull market).
The opposite is called a bear market, when there is a continuous drop in prices.
What is the next catalyst?
Back in the interview, the next question was about the factor that could motivate the price of Bitcoin and cryptocurrencies and take it to the next level.
Read:The number of bitcoin holders is on the rise despite the continued bear market!
CZ stated:
No one can predict this accurately.
Nobody really expected NFT, DeFi, etc., which may have been what drove the latest market rally.
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In 2017, ICOs seemed to be the catalyst.
Six months before these things happen, very few people can expect it.
The Binance founder added that he thinks the market is much bigger this time around, especially with the development of so many new apps.
The entire space is moving in a positive direction, with most countries adopting regulatory frameworks rather than banning Bitcoin and cryptocurrencies.
It’s hard not to be optimistic in an environment like this, even if the market is still a little scared of prices.
The most important statement by CZ during this interview is:
There will be high inflation, talk of stagnation, etc.
All of these things drive Bitcoin adoption.
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