Binance Changpeng Zhao (CZ) said on Friday that the recent drop in cryptocurrency prices is a good time to save.
bankless Speaking on his podcast series, CZ suggested that investors with extra cash should consider buying more crypto in the “bear market” and characterize it as a cheap period to “buy”.
Binance CEO recently announced that after its price fell, bitcoin congratulated the tactic of Michael Saylor, who bought it, and Nayib Bukele from El Salvador. CZ also underlined that if traders can hold out in the current bear market, they will have much more shares in the next bull run.
“Looking longer, the industry remains. There are more applications developed, more people in the industry; If we look into the future of five, ten, twenty years, the industry will grow even more. -CZ”
Despite the long-term positive outlook, the short-term outlook remains uncertain and the markets may recover or fall further in the coming days, he continued, not cautiously.
CZ: “How Will the Bear Market Be?”
Koinfinans.com As we reported, CZ has previously reiterated that a bear market could be part of a four-year cycle, indicating prolonged weakness in crypto prices. However, he also shared an interesting comment that rising inflation is pushing people to accept cryptocurrencies.
He also advised businesses to keep a minimum of 10-year cash supply to address market weakness, adding that it would be easier for crypto companies to hold with tokens.
CZ also emphasized that Binance has sufficient reserves to withstand the winter.
Binance CEO also said that he expects decentralized exchanges (DeFi) to eventually surpass their centralized rivals.
The CEO expects such a scenario to happen in the next five to ten years. While he expects centralized exchanges to still play a role in the market, he thinks there will be a great deal of trading through DeFi. He also sees Bitcoin as the most decentralized currency because he believes it has no decentralization.
CZ also stated that Binance does not want to be a bank or “Facebook”. He said the exchange aims to eventually become like Google, where it provides a set of tools for the Web3 market.
You can follow the current price action here.
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.