Former Binance Head of Strategy Gin Chao shared his predictions for when Bitcoin price will see ATH levels again. In an interview with Forkast, a digital media platform covering emerging technologies, he said bear markets are the best time to invest.
Binance executive likens the industry’s development to smartphones
Answering Forkast’s questions, Gin Chao especially focused on titles such as DeFi, GameFi and Web3. The senior executive sees the projects that emerged after Bitcoin, Ethereum and Cardano as part of the development. According to him, this period is similar to the first days of “smartphones”. The times that emerged in the early 90s and then different hardware manufacturers entered the industry, transformed the technology into a huge ecosystem in the following years. Chao says the blockchain industry still has a long way to grow and add value. He thinks layer-1s like Ethereum and Cardano are still not reaching their true potential:
These are the areas we want to invest in and we will increase our check size as there is more attraction and specific outputs where we can see projects we are excited about actually being built. Then really excited users come to the table. Until that happens, everything is still in the early stages.
Bitcoin can reach its old peaks on this date
The cryptocurrency market has been experiencing a bear market for about a year. Bitcoin slumped to $15,600 with over 75% depreciation after the ATH level reached $70,000. High-profile bankruptcies like Terra and FTX were instrumental in the collapse. Chao says we follow historical trends. In part of the interview, he stated that Bitcoin will be at its peak again in early 2024:
… We will continue to see this volatility until there is mass adoption or early mass adoption. But in the meantime, I don’t see any significant change from what we’ve seen in the past. What I mean by this is usually from a low cycle to a future ATH level. You’ve seen Bitcoin do this in 18-24 months. So, depending on where you think the lowest level is, I would argue that we will see ATH level in early 2024. Of course, if the previous patterns hold. It may take a little longer due to the general macro environment we are in. But I don’t think we’ve seen anything that would completely break that mold, say, ‘Okay, we won’t see anything else’…
