Speaking at the Binance blockchain week in Singapore, the CEO of one of the biggest crypto exchanges in the world relayed his thoughts about the current bear market and reminisced about Bitcoin's (BTC) all-time high.
According to The Bitcoinist, Changpeng Zhao, aka CZ spoke out about the mementos 2017/18 crypto rush which saw many cryptocurrencies reach their all-time highs:
“I believe… at the end of 2017, there was definitely an overshoot on the price side… There was a lot of guys rushing in, very simple projects with very simple whitepapers. … Then of course as everybody rushed in…once that massive rush-in finishes the price declines.”
The end of 2017 famously saw BTC rally up to a monumental pricepoint of nearly $20k, leading with it a plethora of altcoins, and dragging the total crypto market cap up to the dizzying heights of $800 billion
Of course, now things are fairly different, with the markets experiencing an ongoing crypto winter in which it can’t seem to shake.
However, CZ asserts that this bear market isn’t representative of the true value of BTC stating that the price was Overshooting on the lower side”:
“We’ve been in a bear market for a very long stretch, probably the longest in history for Bitcoin right now […] I think right now my personal view is that we are actually overshooting on the lower side now,” he said.
The first ever Binance blockchain week kicked off this week, hosting some of the most notable names in crypto, initiating a hackathon, and talking about the future of the industry:
We are incredibly proud and excited to welcome everyone attending day one of the first ever #BinanceBlockchainWeek conference!— Binance (@binance) January 21, 2019
We will have coverage throughout the event on @EventBinance and a peek behind the scenes on the official #Binance Instagram https://t.co/EcieHafEwP pic.twitter.com/JAj57PzVBG