During the same conference held in Singapore today, Changpeng Zhao, the CEO of top exchange Binance, was inevitably asked for his opinion about the cryptocurrency market. No, he will not venture to forecast the price of Bitcoin (or bet it on his genitals), but he couldn’t help observing the data.
Take some advice from someone who readily sold his house and invested the money in Bitcoin during the end of 2013 bullrun.
“I sold my house and bought into Bitcoin in 2014. Immediately the price went from $600 to $200 and stayed there for 2 years, but I didn't sell. I Actually didn't really care. I knew the price would get up again, and it did.”
He witnessed the bear market each year ever since and finds that the big picture shows an upward trend: “If you look at the yearly or weekly chart, it's a straight line going up.” 2015 saw Bitcoin rely on its $200 resistance on multiple occasions. CZ thinks that the story repeated in 2018, but with the $6000 resistance this time. The only difference is that Bitcoin is 30x higher after these three years.
The Binance Founder explained that his company’s profits also dropped along with the market this year. He’s ready to bet on cryptocurrencies, nevertheless, and has big plans for expanding the exchange across the globe.