Changpeng Zhao - Founder and CEO of Binance exchange
Changpeng Zhao - Founder and CEO of Binance exchange Changpeng Zhao

KEY POINTS

  • Binance CEO believes that Bitcoin "will probably take a while" to get back to $69,000
  • He also stated that the firm is currently expanding and hiring
  • Binance recently partnered with football star Cristiano Ronaldo

Binance CEO Changpeng Zhao has answered one of the biggest questions regarding Bitcoin (BTC). According to him, the world's biggest cryptocurrency will “probably take a while to get back [to the all-time high].”

Binance has seen unmatched growth under the leadership of Zhao (better known as “CZ” in the crypto space). In an interview with The Guardian, Zhao pointed out that people would've been content four years ago had they been told that BTC would be trading at $20,000 in 2022.

Zhao is the wealthiest person in crypto with an estimated worth of $65 billion, according to Forbes' 2022 Billionaires rankings, published in April. When asked if he sees Bitcoin revisiting its all-time high of around $69,000 noted in November 2021, Zhao gave his prediction on the volatile asset's price.

"I think given this price drop, from the all-time high of 68k to 20k now, it will probably take a while to get back. It probably will take a few months or a couple of years," he said, adding that "no one can predict the future."

He believes that the industry is "definitely growing" and the price fluctuations are "normal."

CZ also talked about the economic position of Binance, stating that while other exchanges are operating at a loss and laying off employees, the world's biggest cryptocurrency exchange is still expanding and hiring.

Interestingly, Binance recently struck a deal with football superstar Cristiano Ronaldo despite the market being bearish and fears of a financial recession setting in.

Binance founder and CEO Changpeng Zhao: 'I think we've just been very frugal'
Binance founder and CEO Changpeng Zhao: 'I think we've just been very frugal' AFP / Eric PIERMONT
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