Changpeng Zhao, co-founder and head of the Binance cryptocurrency exchange, believes that the current position in the bitcoin market is only the beginning of the development of the industry.
Zhao wrote on his Twitter page that by 2025, people would regret not investing in cryptocurrencies in 2020. However, Zhao decided to play it safe and wrote that his statements were not investment advice.
In the comments below the post by Zhao, Dan Held, head of business development at the Kraken crypto exchange, wrote that he had similar feelings in 2013, when the price of bitcoin was able to overcome the psychological mark at $ 100.
Held also believes that even those who bought Bitcoin in 2017 still had time for the future cryptocurrency rally.
Spank yourself if sold
However, there is no guarantee that Zhao is right about his claim. In August 2019, the head of Binance called on traders and hodlers who sold bitcoin for less than $ 10,000 to “slap” themselves, hinting at the inevitability of a cryptocurrency price increase.
However, in October of the same year, the price of bitcoin fell to $ 7,457, and in November it completely dipped to $ 6,627 in the short term. The largest cryptocurrency in terms of market capitalization was able to recover to $ 10,000 only in February 2020.
Let me remind you that the cryptocurrency community expects an increase in the price of bitcoin, which should be triggered in response to the last halving, which reduced the reward to miners from 12.5 to 6.25 BTC per block
Halving Echoes
Earlier, Anthony Trenchev, head of the Nexo cryptocurrency lending platform, said that in his opinion, by the end of 2020, bitcoin could easily skyrocket to $ 50,000.
“At least the last time, when the remuneration of miners was halved, bitcoin grew by 4000%,” Trenchev said in January.
Many believe that, like after the first two halvings in 2012 and 2016, the price of BTC will continue to rise due to a decrease in inflation through halvings.
Due to the global economic crisis, caused by a pandemic, interest in the cryptocurrency market will increase.
According to some bold forecasts, by 2022-2023, the Bitcoin exchange rate may even skyrocket to $ 250,000.
What do you think? Is this really a great chance to enter the market?
