CZ: The Bitcoin cycle requires consistent building

Risk trading in cryptocurrency

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.

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.”

Related Articles

Bitcoin Halving Impact Fades as Demand Takes Center Stage

According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.

Kraken Announces Delisting of Privacy Token Monero in Ireland and Belgium

Monero users' balances on Kraken after the deadline will have their coins automatically converted into Bitcoin.

Crypto.com Receives Regulatory Approval for Trading in Dubai

Crypto.com has received full operational approval from Dubai’s VARA, becoming the first permitted exchange in the UAE.

Arrested Binance Executive Pleads Not Guilty to Charges in Nigeria

Nigerian court rejected Binance executive Tigran Gambaryan’s defence argument and ruled that he acted as the exchange’s representative.

See All