Binance CEO Changpeng "CZ" Zhao shared his prediction for the next Bitcoin bull market. $BTC
In an "ask me anything" session on Twitter on July 5, CZ talked about topics ranging from BlackRock's desire to enter the crypto market to ongoing regulatory action on the exchange, and shared his thoughts on the next bull run.
CZ explained that Bitcoin's price has moved in four-year bull cycles throughout history and his best bet is that this will continue.
Although he admitted that he cannot foresee the future, Zhao highlighted the Bitcoin halving event in 2024 and stated that the most likely year of the next bull market is 2025:
“Bitcoin halving is usually followed by a bull year.”
When asked if he was worried about BlackRock's recent entry into the spot Bitcoin exchange-traded fund space, CZ welcomed it and noted that it was "very beneficial" for the crypto industry.
Since the June 15 filing, many have expressed concern that the intentions of large traditional financial companies are in direct conflict with Bitcoin's ethos as a decentralized money network.
Zhao also downplayed concerns that BlackRock could eat into Binance's market share in the future, noting that their customer bases largely overlap.
"Anyone who isn't entering the crypto world today will bring additional people into the crypto world. Will they compete with us on existing users? Yes, they will probably compete a little bit. But honestly, look at our user base. The overlap is minimal."
Zhao explained that Binance "wants to be prepared for higher [trading] volumes" over the next eighteen months due to increased institutional interest and Bitcoin's upcoming halving event.
Zhao's comments came just hours after BlackRock CEO Larry Fink praised Bitcoin as an "international asset" and said Bitcoin could be used to hedge against inflation and the depreciation of certain fiat currencies.
