Binance CEO Changpeng "CZ" Zhao has predicted the next Bitcoin price, BTC US$31,128.
CZ discussed BlackRock's desire to enter the crypto industry, updated listeners on current regulatory action against the exchange, and offered his opinions on the next bitcoin bull run during a July 5 "Ask me anything" session on Twitter.
CZ noted that the price of Bitcoin has traditionally moved in four-year bull cycles, which he believes will continue.
While admitting that he couldn't predict the future, Zhao highlighted the approaching Bitcoin halving event in 2024 and predicted 2025 as the best year for the next bull market, stating:
"The year after Bitcoin halving is usually the bull year. "
When asked if he was concerned about BlackRock's recent foray into the spot Bitcoin exchange-traded fund market, CZ said it was "hugely beneficial" to the crypto sector.
Since the firm's June 15 registration, many have expressed worry that the objective of large TradFi businesses runs against Bitcoin's ethos as a decentralized monetary network.
Zhao also dismissed fears that BlackRock may cut into Binance's market share in the future, calling the overlap between their user groups "minimal."
Binance wants to be "prepared for higher [trading] volumes" over the next eighteen months due to rising institutional interest and Bitcoin's forthcoming halving, according to Zhao.
Zhao's remarks came just hours after BlackRock CEO Larry Fink welcomed Bitcoin as an "international asset," suggesting it could be used to hedge against inflation and currency depreciation.
Zhao was also asked about the progress of regulatory action against his exchange during the Twitter Space. While he admitted that he couldn't provide specifics, Zhao stated that he and Binance seek "the most expedient, reasonable, and mutually agreeable solution possible."
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