- Binance CEO Changpeng “CZ” Zhao has shared his prediction for the next Bitcoin
- While acknowledging that he cannot predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024.
- CZ stated that BlackRock’s move is “very beneficial” for the crypto industry and welcomed it.
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Binance CEO Changpeng Zhao shared his predictions for the next Bitcoin bull run during a live AMA session.
Bitcoin Prediction from Binance CEO
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Binance CEO Changpeng “CZ” Zhao shared his prediction for the next Bitcoin bull market. During an AMA (Ask Me Anything) session on July 5, CZ discussed BlackRock’s intentions to enter the crypto market, provided updates on ongoing regulatory processes for the exchange, and shared his thoughts on the next bull run.
CZ explained that Bitcoin historically moves in four-year bull cycles, and his best guess is that this pattern will continue.
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While acknowledging that he cannot predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024, suggesting that the most likely year for the next bull market is 2025. He stated:
“The year following the Bitcoin halving is typically a bull year.”
CZ Finds BlackRock’s Move Beneficial
When asked about concerns regarding BlackRock’s recent entry into the space of spot Bitcoin exchange-traded funds (ETFs), CZ stated that it is “very beneficial” for the crypto industry and welcomed it.
Since the firm’s application on June 15, many have expressed concerns about the intentions of major traditional finance (TradFi) companies, considering them to be directly opposed to the understanding of Bitcoin as a decentralized monetary network.
Zhao downplayed concerns about BlackRock potentially eating into Binance’s market share and referred to the overlap in their customer bases as “minimal”:
“Anyone who is not in the crypto space today, coming into the crypto space will bring more people to the crypto space. Will they compete with our existing users? Yes, they probably will compete a little bit. But if you look at our user base honestly, the overlap is minimal.”
Zhao stated that due to increasing institutional interest and the upcoming Bitcoin halving event, Binance wants to be prepared for “higher trading volumes” over the next 18 months.
Zhao’s comments came just hours after BlackRock CEO Larry Fink praised Bitcoin as an “international asset” and suggested that it could be used as a hedge against inflation and the devaluation of specific fiat currencies.
Zhao was also asked about the status of regulatory processes regarding his exchange. While acknowledging that he cannot provide specific details, Zhao stated that he and Binance are seeking the “fastest, most reasonable, and mutually acceptable solution.