CZ believes crypto winter is here to stay until 2026 | CryptoSlate

CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Speaking to Fortune, Binance CEO Changpeng Zhao (CZ) shared his thoughts on crypto winter and said he expects it to be a long one.

However, he added that as the losses and platform closures stack up, he prefers to focus on the positives of a market downturn. CZ said:

How To Get Free Crypto  

“I’m not debating that it is disastrous. It is bad.

But when this disaster is happening, there is also opportunity.”

Crippling crypto outflows sink token valuations

Since November 2021’s market top, over $2 trillion in capital has exited the crypto space, representing a 70% drawdown in total valuations.

Market leader Bitcoin is down 56% YTD and hovering close to the 2017 bull market top of $20,000. Analysis by Glassnode expects BTC to fall up to 64% from here, which would give a bottom price of approximately $7,500.

Meanwhile, @WatcherGuru tweeted that almost three-quarters of the top 100 projects are down by more than 90% from ATHs at current prices.

According to CZ, the outlook is dire, but there is opportunity in the carnage. He said the situation is ripe to bring on board the best talent and acquire leading companies at rock bottom prices.

Coinbase Banner  

CZ sees opportunity in the bleakness

On Wednesday, CZ threw shade at the competition by tweeting that Binance is looking to fill 2,000 vacancies at the firm. Elaborating further, he said he wants to complete hiring by the year-end, which would increase its staff to 8,000.

Many crypto exchanges, including Coinbase, Gemini, and Crypto.com, have recently announced staff cuts to stave off the harsh trading conditions.

However, by keeping a tight reign on advertising spending, CZ implied that Binance is in a strong cash position and can hire when others are cutting numbers.

As crypto winter bites down hard, CZ described the situation as a necessary cull, in which weak projects die off, leaving only the strong, who will flourish when the good times return.

FreeBitcoin Banner  

“Although it is painful for a lot of people, it weeds out the weak projects, and only the strong ones stay.

Everyone who lasts, who survives, will be stronger”

As for when that is, the Binance boss thinks the downturn could last for around four years, taking us into 2026.

Go to Source
Author: Samuel Wan


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.