Binance CEO Changpeng Zhao “CZ” has published his prediction for the next Bitcoin (BTC) bull run.
During an “Ask Me Any Questions” session on Twitter on July 5, CZ outlined BlackRock’s intentions to enter the cryptocurrency market, updated the audience on the ongoing regulatory action against the exchange, and gave gave him his thoughts on the next bull market.
CZ explained that Bitcoin’s price has historically fluctuated in four-year bull cycles, and his best bet is that this will continue to happen.
While admitting he can’t see the future, Zhao highlighted the upcoming Bitcoin halving event in 2024 and declared 2025 as the most likely next bull run, saying:
“The year after the Bitcoin halving is usually a bull year.”
When asked if he was concerned about BlackRock’s recent entry into the spot bitcoin ETF space, CZ welcomed it, saying it was “very good” for the crypto industry.
Since the company’s filing on June 15, many have expressed concern that the intentions of the major TradFi firm contrast sharply with the ethos of Bitcoin as a decentralized currency network.
Zhao also dismissed concerns that BlackRock could cannibalize Binance’s market share in the future, saying the overlap between their respective client bases is “very small.”
“Anyone who comes into crypto but isn’t currently in crypto is going to bring more people into crypto. Are they going to compete with us for existing users? Yeah, maybe a little bit. But honestly, look at our user base . The overlap is minimal.”
Zhao explained that increased institutional interest and the imminent Bitcoin halving are the two main reasons Binance hopes to “be ready for higher (transaction) volumes” over the next 18 months.
related: Bitcoin ETF: Worse for Crypto than Centralized Exchanges
Just hours after Zhao’s comments were published, BlackRock CEO Larry Fink spoke Praise bitcoin as an “international asset,” saying it can be used as a hedge against inflation and the devaluation of certain fiat currencies.
On Twitter Space, Zhao was also asked about the status of regulatory action against his exchange. While Zhao acknowledged that he could not disclose specific details, he said that he and Binance are looking for “the most convenient, reasonable and mutually agreeable solution.”
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