Binance CEO Anticipates Timing of Bitcoin Bull Run

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In a Twitter Q&A session held on July 5th, CZ, the CEO of Binance, discussed BlackRock’s intentions to enter the cryptocurrency market, provided updates on regulatory measures taken against the exchange, and shared his thoughts on the forthcoming bull run.

CZ explained that Bitcoin has traditionally followed a pattern of four-year bull cycles, and he expects this pattern to continue in the future.

While he acknowledged the uncertainty of predicting the future, Zhao emphasized the significance of the upcoming Bitcoin halving event in 2024.

He expressed his belief that the most likely year for the next bull market is 2025, noting that historically, the year following a Bitcoin halving tends to be a period of upward momentum.

When asked about BlackRock’s recent foray into the spot Bitcoin exchange-traded fund (ETF) market, CZ expressed his support and enthusiasm, highlighting the advantages of BlackRock’s involvement in the cryptocurrency industry.

Since June 15, when the company filed its intentions, concerns have been raised by many regarding the potential conflict between the goals of major traditional financial institutions and the decentralized nature of Bitcoin as a monetary network.

Zhao dismissed worries that BlackRock could diminish Binance’s market share in the future, asserting that their customer bases have minimal overlap.

He explained that new entrants into the crypto market would bring in a larger overall user base and may pose slight competition to existing users. However, when considering Binance’s user base, the potential overlap is insignificant.

Zhao clarified that Binance aims to prepare for increased trading volumes in the next eighteen months due to two main factors: growing institutional interest and the upcoming Bitcoin halving event.

Zhao’s comments followed BlackRock CEO Larry Fink’s positive remarks about Bitcoin, in which he referred to it as an “international asset.” Fink suggested that Bitcoin could serve as a hedge against inflation and the depreciation of certain fiat currencies.

During the Twitter Space event, Zhao was asked about the progress of regulatory action against Binance. While he couldn’t provide specific details, Zhao mentioned that he and Binance are actively seeking a prompt, fair, and mutually acceptable solution to address the matter.