Binance CEO Changpeng “CZ” Zhao thinks the Bitcoin bear market is good for crypto.
In a conversation with Messari CEO Ryan Selkis at the Mainnet conference Wednesday, CZ—who connected remotely via video chat—said a four-year crypto market cycle is normal and that a bear market is healthier in the long term than a seemingly never-ending upward trend.
“Price corrections are actually good,” CZ said, adding that investors shouldn’t look at token prices as signs of how the crypto market is doing.
Instead, he suggested investors look at the number of users buying and using crypto, as well as the number of different blockchains and Web3 projects. He repeated the common crypto refrain that the industry is still “early” and still has a lot of room to grow.
“Crypto is so early. We’re not in a saturated market,” CZ said.
The Binance executive argued that the crypto industry is actually in a healthy state and urged the audience to “ride out the winter,” referring to the so-called Crypto Winter...
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