Binance CEO Changpeng “CZ” Zhaothinks that the Bitcoin bear market is a good thing for cryptoassets. So why did CZ make this comment? Here are the details.
Speaking in an interview with Messari CEO Ryan Selkis at the Mainnet conference on Wednesday, CZ said that a four-year crypto market cycle is normal and that in the long run bear marketHe noted that the coin is healthier compared to a seemingly never-ending uptrend.
“Price corrections are actually good,” CZ commented, adding that investors should not look to token prices as signs of how the cryptocurrency market is doing.
Instead, the CEO thinks that investors should focus on the number of users buying and using crypto, as well as the number of different blockchains and Web3 projects. He didn’t forget to use common sayings that the industry is still at an “early” stage and still has a lot of room to grow.
The Binance executive urged to “get out of the winter”, arguing that the crypto industry is actually in a healthy state, referring to the so-called crypto winter in which the market finds itself.
However, CZ is quite optimistic about this and thinks it represents more than a bear market. When it comes to regulation, he added that “we have seen a lot of positive progress for regulatory frameworks,” arguing that some regulators, especially in the US, are trying to incorporate crypto into existing financial frameworks such as security or commodity binary.
“There are some things that look like securities and maybe like commodities and currency. cryptocurrency units, but Bitcoin does all three,” he said, suggesting that current regulatory frameworks may not apply.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.