During an interview with Fortune, Changpeng Zhao (CZ), CEO of Binance, discussed the current crypto winter and predicted that it will last a long time.
Although losses and platform closures mount, he says that rather than dwell on the negative aspects of a market slump. It’s clear to CZ that it’s a disaster. It’s not good. However, there is also an abundance of opportunity in the midst of this crisis.
More than $2 trillion has been withdrawn from the crypto market since the November 2021 market peak, a 70 percent drop in overall values.
It’s been a rough year for Bitcoin, which has lost 56% of its value so far this year. According to Glassnode’s analysis, BTC might drop by as much as 64% from here, putting it at a low of about $7,500.
Nearly three-quarters of the top 100 projects, according to @WatcherGuru, have had their prices fall by more than 90 percent from their ATHs at the present time.
In CZ’s view, the future is bleak, but there is a silver lining. “The time is right,” he said, “to assemble the greatest team possible and to buy market leaders at rock-bottom costs.”
On Wednesday, CZ tweeted that Binance is trying to hire 2,000 new employees, a dig at the competition. He went on to say that he hopes to have the company’s workforce at 8,000 by the end of the year.
Coinbase, Gemini, and Crypto.com are just a few of the crypto exchanges that have lately announced layoffs in an effort to combat the current bear market.
On the contrary, CZ hinted that Binance is well-capitalized and can employ while other companies are slashing staff.
At this time of year, CZ referred to crypto winter as a necessary cull, in which weak ventures are weeded out and only the strongest survive.
A lot of individuals find the process difficult, but it’s worth it in the long run. Those who persevere and make it out alive will be stronger for it.
Binance’s CEO estimates that the decline will continue four years, putting us in the year 2026.