Zhao shared insights on the current bearish crypto market, reiterating the 2017 all-time high prices. The CEO also revealed some of his plans for the year.
An overshoot on the price side
Binance CEO stated that late 2017 was an “overshoot” for cryptocurrencies in terms of price. Many people rushed into ICOs massively, investing in projects with “very simple whitepapers,” a move which affected the prices of cryptocurrencies.
In Zhao’s words, “once that massive rush-in finishes the price declines.”
Although Zhao has, in the past, affirmed that the “crypto is not going away,” the CEO believes that the bear market has become the longest in bitcoin history so far.
“We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now. I think right now my personal view is that we are actually overshooting on the lower side now,” he explained.
However, for one thing, Zhao believes that the crypto industry is undoubtedly growing. More people are tapping into the numerous job opportunities in the industry, more people are becoming educated in the spare, and more conferences are being hosted with increasing attendees.
“The builders are building, we are seeing a lot more development in the space, so I actually think that we’re probably overshooting on the lower side, but again I could be wrong, this is mass technology.”
“I’m very, very confident” – Changpeng Zhao
The 41-year-old Chinese-Canadian billionaire could be described as a true devotee of cryptocurrencies, as he once again, reiterated his stance in the industry. The CEO said he has little concerns about the price movement and only check when someone tells him about it.
This is in line with a statement made by Kathleen Breitman, co-founder of Tezos that “price is by and large a distraction” to the main goal.
Just like Breitman, Binance CEO also believes that building is what matters, and his focus is to be fully prepared for the future.
“I’m very, very confident that this space will get so much bigger, we just got to be prepared for when that happens,” said Zhao.
Binance Charity for children initiative!
Changpeng Zhao seems to have a great love for the cryptocurrency industry. At the conference, he revealed that there are two goals: to spread cryptocurrency and to educate people about cryptocurrency.
On education, Binance has recently launched “Binance Academy,” a free blockchain education platform with a load of resources to teach people about cryptocurrencies and blockchain technology.
On spreading cryptocurrency, Zhao announced a new initiative tagged “Binance Charity for Children Initiative,” a movement that will provide lunch for African children through the donation of Binance Coin (BNB).
“Today for one BNB, you can feed a child in Africa for a month, for one BNB!” according to Zhao.
@cz_binance Just announced the @BinanceBCF #Binance Charity for children initiative! 1 $BNB feeds one child in Africa for lunch for a month. @JamesRadecki32 Has kindly offered to match any donations made from the crowd today! pic.twitter.com/AWDFoRtzXJ
— Binance Blockchain Event (@EventBinance) January 21, 2019