The CEO of Binance stated: Crypto winter is a buying opportunity

The CEO of Binance stated: Crypto winter is a buying opportunity

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Answer The CEO of Binance stated: Crypto winter is a buying opportunity

CZ, CEO of Binance, stated on Friday that the recent collapse in cryptocurrency prices makes it a good time to buy and accumulate.

Speaking on a podcast,unbankedHe told CZ that traders with extra cash should consider buying more cryptocurrencies during the bear market, describing it as a cheap time to buy.

The CEO of Binance cited the likes of Michael Saylor and Najib Bukele, the president of El Salvador, who recently bought bitcoin after the price fell.

He told CZ that if traders can continue through the current bear market, they will have more digital holdings in the next upside, and went on to say:

Read:Three things that happen to the cryptocurrency market in times of economic uncertainty… Get to know them

It’s a long-term horizon, the industry is here to stay.

There are more applications being developed, and there are more people in the industry.

The industry will grow even more if we look at the prospects of five, ten or twenty years.

But “CZ” said that the short-term outlook is still uncertain, indicating that the market may recover or decline further in the coming days.

CZ’s Bear Market Predictions?

CZ stated that the bear market is likely to be part of a four-year cycle, which indicates the potential for prolonged weakness in cryptocurrency prices.

But he sees rising inflation pushing people to accept cryptocurrencies.

He also recommended companies maintain at least 10 years of cash supply to overcome market weakness, which he feels is easier for crypto companies.

He told CZ that Binance also has enough reserves to last even in the winter.

CZ: DeFi is the future

The CEO of Binance also stated that he expects decentralized exchanges to eventually outperform their centralized counterparts.

CZ expects such a scenario to take place in the next five to ten years.

Read:How do you recognize fraudulent projects in the cryptocurrency world?

While central trading platforms are expected to continue to play a role in the market, the bulk of trading will be conducted through DeFi.

CZ also sees Bitcoin as the most decentralized currency.

CZ added that Binance does not want to become a private bank or Facebook.

He said that the platform eventually aims to become the “Google” of digital currencies, as it will provide a number of tools for the world of Web 3.

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