In an interview, CEO of the crypto exchange Binance, Changpeng Zhao, has now commented on the next cryptocurrency bull market. It was preceded by a question from Ran Neu-Ner, the host of the program “Crypto Trader”. Neu-Ner had asked what could be the trigger for the next major upswing.
Zhao openly answered that it was a difficult question. He further explained that he did not really know which of the possible triggers would trigger the recovery. To clarify, Zhao referred to his long experience in the industry. He said that even with this experience in 2016, he could not have anticipated the rapid growth of Initial Coin Offerings (ICOs). This growth, in turn, triggered the widespread FOMO of retail investors who pushed crypto prices to all-time highs in 2017.
Zhao then added that he considered the slowdown in the Initial Coin Offerings (ICOs) market to be a healthy sign. The new situation means that projects really need to produce real products, services and tokens to attract investors.
After that, the CEO came back to Neu-Ners question and turned back to the triggers for the next Bitcoin bull market. He pointed out that the entry of the financial institutions could possibly be a really strong trigger. For example, he referred to the issuance of regulated stable coupons and institutional products such as Fidelity Digital Asset Services or Bakkt. But he also acknowledged that the prices would have hardly moved despite the introduction. It is therefore very difficult to name a specific event or product as a trigger.After all, Zhao was cautiously optimistic and decided his answer with the words:
“Something will [in any case] trigger the next bull market, sooner or later.”
For some time, experts and analysts have assumed that the crypto courses have found their bottom. From there, go back to the top.
Neu-Ner then added two more questions to Zhao. First, it was about whether the stagnating markets eased the interest in founding new crypto exchanges. Zhao replied that it's never a good idea to set up a crypto exchange and that chances of success are very low.Next, New-Ner asked what the secret of the success of Binance was. Changpeng Zhao reversed the question and replied that there is no “secret recipe”. He modestly stated that Binance might have been lucky in his early stages. Zhao went on to say that this fortune, along with the good stock market service, was the reason for the success. Also contributing to this were customer service, low benchmarks (at the time), and the security they provided.
Sources: YouTube, CNBC, Bakkt, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/kryptoboerse-Binance-ceo-der-bitcoin-bullenmarkt- kommt-frueher-oder-spaeter-wieder/
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