Crypto’s richest billionaire is reportedly confident that Bitcoin (BTC) will eventually bounce back to its all-time high.
However, his timeline is extremely forgiving.
Binance CEO Changpeng Zhao tells The Guardian that it could take anywhere from a few months to a few years for the flagship cryptocurrency to return at a record price.
“I think given that price drop from the all-time high of $68k to now $20k, it’s probably going to be a while before we get back there. It will probably take a few months or a few years.”
Bitcoin hit its all-time high of $69,044 on November 10, 2021. At the time of writing, BTC is trading at $20,656, up about 15% from the 2022 low of around $17,800 set last week.
The Binance co-founder also says Bitcoin price sentiment is perspective-driven, according to The Guardian.
“We think $20,000 is very low today. But you know, if you told people in 2018, 2019 that bitcoin will cost $20,000 in 2022, they would be very happy. In 2018/19 Bitcoin was $3,000, $6,000.”
Zhao also tells The Guardian that careless spending during the bull run has now left some crypto projects “in a bind.”
“Right now it definitely feels like a lot of projects are in a bind because once you hit an all-time high, all projects spend money like they’re always going to be at that all-time high. When it falls now, it feels like winter. But for projects that saved money, we’re still doing fine, we’re still hiring, we’re still growing.”
Forbes ranked the Binance CEO as the richest person in crypto and the 19th richest person in the world in April. The publication estimates that Zhao is worth around $65 billion.
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