Binance CEO CZ commented on the price movements of cryptocurrencies. The CEO says that Bitcoin and altcoin assets have a 4-year cycle. Accordingly, crypto assets are on the rise for 2 years and decrease for 2 years, and this is completely cyclical.
Bitcoin and altcoins on the decline
Since the beginning of 2022, the crypto market has experienced a downturn. Also, the market has entered a bear period that many think will enter a long period. However, things took a turn for the worse last week. Bitcoin and most altcoins have bottomed out, losing more than 30% of their value in the last 7 days. The fact that the decline came after the global economy entered the recession period did not go unnoticed. In a recent interview with Fortune, Binance CEO Changpeng Zhao (CZ) shared a few of his thoughts on the crypto market.
Binance CEO: Collapse is both disaster and opportunity
According to CZ, the current Bitcoin price drop is both a blessing and a disaster. It’s a disaster for investors who bought at the top and now have significantly lost their holdings. Indeed, several investment platforms have already faced liquidation. These include Celsius Network and 3AC.
On the other hand, the drop is a boon for those who can afford to buy at the bottom. The bear market is always a great opportunity to accumulate Bitcoin and altcoins. CZ implied that the crypto market has two extremes. Bear market and bull market. Accordingly, the market changes in a 4-year cycle. So there are two years for a bear market and two years for a bull market. The current bear market is expected to prolong, as the bull market appears to have ended in late 2021.
Binance is recruiting
CZ is also increasing hiring to increase the total staff of Bitcoin exchange Binance from the current 6,000 to 8,000. Interestingly, other exchanges such as Coinbase have begun to cut staff. Coinbase, one of the giant exchanges, has already laid off more than 1000 staff. CZ takes the view that hiring during this period has the advantage of receiving reasonable offers.
Bitcoin exchange will invest in companies
CZ is aiming to save heavily on Binance this bear cycle. The world-famous CEO stated that his funds are sufficient to save. Accordingly, the world’s largest Bitcoin exchange Binance is preparing to invest in various technology companies. As we reported as Kriptokoin.com , the stock market announced that it will invest $ 500 million in Twitter, which Elon Musk recently bought. Additionally, Binance has announced in the past that it will invest $200 million in Forbes, a finance-focused media company.
