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Binance CEO Changpeng “CZ” Zhao said on Friday that the recent crash in crypto prices makes it a good time to accumulate.
Speaking during the Bankless podcast, CZ said that traders with extra cash should consider buying more crypto during the bear market, calling it a “cheap time to buy.”
The Binance CEO touted the likes of Michael Saylor and El Salvador’s Nayib Bukele– who both recently purchased Bitcoin after the price dip. CZ said that if traders could last through the current bear market, they would have much more holdings in the next bull run.
Longer term horizon, the industry is staying. There’s more apps being developed, there’s more people in the industry, the industry is going to get bigger if we look at five, ten, twenty-year horizons.
-CZ
But CZ said the short-term outlook remains uncertain, stating that markets could recover or slump even further in the coming days.
How will the bear market play out?
CZ said that it seems likely that the bear market could be a part of a four-year cycle, indicating prolonged weakness in crypto prices. But he sees rising inflation pushing people into accepting cryptocurrencies.
He also recommended businesses keep at least 10 years worth of cash supply to weather the market weakness- something that he feels is easier for crypto companies due to tokens.
Binance also has sufficient reserves to last the winter, CZ said.
CZ sees DeFi as the future
The Binance CEO also said that he expects decentralized exchanges to eventually overtake their centralized peers.
CZ expects such a scenario to play out in the next five to ten years. While he expects centralized exchanges to still play a role in the market, a bulk of trading will be conducted through DeFi. He also sees Bitcoin as the most decentralized currency, because it does not have
CZ said Binance doesn’t want to become a bank, or a “Facebook.” He said the exchange aims to eventually become like Google, wherein it provides a number of tools for the Web3 market.
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