Binance CEO Changpeng “CZ” Zhao has provided his prediction of the upcoming Bitcoin (BTC) bull market.
In an “Ask Me Anything” session on July 5 on Twitter, CZ covered BlackRock’s intention to enter the cryptocurrency market, updated the listeners on the ongoing regulatory action against the exchange, and gave his thoughts on the next bull run.
CZ explained that the price of bitcoin has historically moved in four-year upward cycles and its best bet was that this would continue to happen.
While admitting he can’t see the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 as the most likely year for the next bull market, saying:
“The year after the Bitcoin halving is usually a bull year.”
When asked if he was concerned about BlackRock’s recent foray into the Bitcoin exchange-traded fund arena, CZ welcomed it, saying it was “extremely beneficial” to the crypto industry.
Since the company’s June 15 filing, many have raised concerns that the intent of the main TradFi companies stands in direct contradiction to the ethos of Bitcoin as a decentralized cash network.
Zhao also brushed off concerns that BlackRock might gobble up Binance’s market share in the future, describing the overlap between their client bases as “minimal.”
“Anyone getting into non-cryptocurrency today is going to bring additional people into crypto. Are they going to compete with us for any existing users? Yeah, maybe a little bit. But to be honest, look at our user base. The overlap is minimal.”
Zhao explained that the increased institutional interest and the upcoming Bitcoin halving are the main reasons why Binance wants to “get ready for higher (trading) volumes” over the next 18 months.
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Zhao’s comments come just hours after BlackRock CEO Larry Fink He hailed Bitcoin as an “international asset,” saying it can be used as a hedge against inflation and the devaluation of certain fiat currencies.
During the Twitter space, Zhao was also questioned about the status of the regulatory action against the exchange. While acknowledging that he could not discuss specifics, Zhao said that he and Binance are looking for “the most appropriate, reasonable and mutually acceptable solution.”
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