Binance CEO Says Large Institutions will Trigger the Next Crypto Bull Run
Of late, Changpeng Zhao (CZ), co-founder and CEO of the world’s leading cryptocurrency exchange Binance, gave his latest prediction on the future of the crypto market in the CNBC Africa-based Crypto Trader’s talk show.
According to Cryptoticker, the show host NeuNer asked CZ about what catalysts could be a precursor to this young market’s next bull run. This time, the CEO answered cautiously, saying that he “doesn’t really know how to predict which catalyst will be the trigger. ”
However, CZ indicated that he is still optimism about the crypto market and believes that “something will trigger a bull run”, but the exact time is hard to tell, maybe sooner or later.
He further pointed out that the large institutions have been showing interest in blockchain technology and cryptocurrency which could be “a really strong trigger”. For instance, he used the example of Fidelity Digital Asset Services and Bakkt.
Zhao emphasized the ICO craze during 2016 to 2017 is horrendous, reversely, the recent cooldown ICO market shows a “healthy” sign as the bear market is better for the blockchain projects to actually produce proper products, services, and tokens to cater the demands of investors.
Recently, the crypto market is experiencing a new round of crash, and the Bitcoin Cash (BCH) hard fork has been touted by some as the main perpetrator. People start selling to avoid risk, which triggered the price drop.
However, the entire sell-off episode is just a “short-term event”, and it could also be an opportunity for large investors to enter the space at the newfound bottom. Crypto investors should always look at the long-term and retains an ongoing belief that the value of cryptocurrencies will ultimately soar further.
CZ has also made a price prediction in late September, saying that the bull market will return in “any minute” and indicated that “October to December are the good months. Before Christmas are usually the months when the markets go up very often”.