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Binance CEO Changpeng “CZ” Zhao recently spoke at the Web Summit in Lisbon, offering his opinion on why the cryptocurrency industry needs building to maintain during the crypto winter. His comments regarding the bear market suggest that it’s vital for cryptocurrency projects to continue developing despite dips in trading volume and value in the market.
He noted:
“It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels. Now it’s easy to hire people and grow.”
With labour costs lowered and a reduction in how much development resources are available, there is more space for corporate entities to enter the scene to buy projects, according to CZ. He used NFTs as an analogy to explain how the strongest projects with the best potential to succeed are now available because the selection is better than when the market is bullish and there is an influx of projects on the market.
The Bitcoin bear market cycle
According to historic data, the cryptocurrency market typically runs in four-year periods, including the bear market which usually lasts about a year, with two years of recovery, and one year of bullish inclines.
A brief history of “#bitcoin crashed”…
2014, #bitcoin “crashed” to $200
2018, #bitcoin “crashed” to $3,000
2022, #bitcoin “crashed” to $20,000
2026, #bitcoin “crashed” to … no idea.Crypto is high-risk and highly volatile. Learn to manage your risks. ????
— CZ ???? Binance (@cz_binance) November 2, 2022
According to CZ, the longer-term holding strategy will pay off, despite any bearish movements in the current part of this cycle:
“We’re very long-term investors. So we anticipate to be involved in the space for the next 10, 50, or 100 years… Right now, there are exponentially more people now trusting crypto instead of not trusting them. In addition, the industry has grown tremendously over the last however many years.”