Binance CEO Changpeng Zhao Unveils Timing for Impending Bitcoin Bull Run

In a July 5 “Ask Me Anything” Session, Binance CEO Changpeng Zhao Discusses Bitcoin Bull Run and Regulatory Action

In a recent Twitter “ask me anything” session on July 5, Changpeng Zhao (CZ), the CEO of Binance, covered various topics including BlackRock’s intention to enter the cryptocurrency market, ongoing regulatory action against the exchange, and his thoughts on the next bull run.

The Historical Bitcoin Bull Cycles and CZ’s Prediction

CZ explained that Bitcoin’s price has historically followed four-year bull cycles, and he believes that this pattern will likely continue. While he acknowledged that predicting the future is uncertain, Zhao emphasized the significance of the upcoming Bitcoin halving event in 2024 and stated that 2025 is the most probable year for the next bull market, saying:

“The year after Bitcoin halving is usually the bull year.”

BlackRock’s Entry into the Crypto Market

When asked about his concerns regarding BlackRock’s recent entry into the spot Bitcoin exchange-traded fund arena, CZ welcomed it, stating that it is “hugely beneficial” for the crypto industry. Despite concerns that traditional financial firms entering the space may conflict with Bitcoin’s decentralized nature, Zhao downplayed the potential market share competition, noting the minimal overlap between their customer bases:

“Anyone who’s coming into crypto that’s not in crypto today will bring additional people into crypto. Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base. The overlap is minimal.”

Institutional Interest and Binance’s Preparedness

Zhao explained that Binance aims to be prepared for higher trading volumes over the next eighteen months due to increased institutional interest and the upcoming Bitcoin halving. These factors serve as the primary reasons for Binance’s focus on scalability and ensuring they can handle the anticipated surge in activity.

Regulatory Action and Binance’s Approach

During the Twitter Space session, CZ was questioned about the status of regulatory action against Binance. While he couldn’t provide specific details, Zhao stated that he and Binance are actively seeking the most expedient, reasonable, and mutually agreeable solution to address the regulatory concerns.