Bitcoin will take years to return to $60,000, says Binance founder

Cryptocurrency entrepreneurs, whether they are Changpeng Zhao, the creator of Binance, or others, regularly make headlines with their predictions about the future of cryptocurrency. Most of the time, it turns out that they are far from reality, because they are very unsure.

I think that given the lower prices, it will take time to get back to the level [des 69 000 dollars] Changpeng Zhao, the famous founder of cryptocurrency exchange Binance, was not particularly optimistic about the immediate future of bitcoin prices. In an interview with the English newspaper The Guardian, the entrepreneur made it clear that he thought it would take at least A few months or even a few years Before Bitcoin finds itself again above $60K.

Will bitcoin stay around $20,000 for two years? // Source: Canva

A bitcoin about $20,000 for two years?

The entire cryptocurrency market is currently going through a very difficult time. The collapse of the Terra/UST ecosystem, which destroyed billions of dollars, eroded investor confidence, as did the difficulties faced by Celsius platform and investment fund 3 Arrows Capital. As for Bitcoin, it is at a historically low level, which we have not seen since 2020, and it could continue to decline.

Despite his somewhat pessimistic predictions about the future of Bitcoin, Czechoslovakia nevertheless wanted to reassure him. ” It is now believed that $20,000 is too low. But in 2018 and 2019, if I told people Bitcoin would be at this level, they would be very happy! Bitcoin was between $3,000 and $6,000 at the time He remembers. ” If you look at the price of bitcoin, we are now above the recent peak. Whether it is normal or not, I think the industry is still growing, and price volatility is normal. “.

This is not the first time that the price of bitcoin has fallen sharply after breaking a record: the cryptocurrency had this behavior before, in 2017, when it first crossed the $19,000 mark. After a period of rising, it quickly lost its value before it stabilized.

Bitcoin was worth $19,000 in 2017, before the fall // Source: Numerama screenshot

Predictions are often random

But Czechoslovakia admitted that ” Nobody can predict the future “And his estimates may not be correct. However, predictions about the development of cryptocurrencies are common. Influencers, specialists, analysts and entrepreneurs never hesitate to give their opinions, which regularly make headlines (as in the article before you, by the way). While the current market is unstable, such news is reassuring, or worrisome – but it can have a huge impact on sales and purchases. However, they are wrong most of the time.

In 2021, billionaire Tim Draper predicted that bitcoin would reach $250,000 in 2022. At the beginning of the year, many investors or entrepreneurs said that bitcoin would reach $100,000 in the following months. Some organizations even predict that the value of Bitcoin will reach 1 million euros by 2030 or 2050.

Bitcoin (5)
It is better not to trust the predictions of entrepreneurs about the price of cryptocurrency // Source: Canva

However, these predictions should be taken with caution. When it was created, bitcoin was still in the middle of a “rise wave”, i.e. in a period of growth. Since then, the resurgence of inflation, the rise in key rates of the European Central Bank, and the various bankruptcies of crypto companies have sparked a chill in the market and suggested an even more turbulent future. New predictions – like Czechoslovakia – echo this.

2022 is not over yet – and a recovery to $100,000, or even $250,000, cannot be ruled out, even if we take into account the current economic situation, it is unlikely. However, changes in the tone of forecasts of specialists and businessmen show that they are not always reliable – and it is better not to place investments on them.

Leave a Reply

Your email address will not be published.