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The crypto world has seen a significant surge in interest this year, thanks to an unexpected injection of US$27 trillion from Wall Street.
The value of Bitcoin, Ethereum, BNB, XRP and other major crypto assets has skyrocketed as the price of Bitcoin has doubled since early 2023.
A look at Cryptoke’s fate ahead
Amidst this situation, Changpeng Zhao, CEO of Binance, made a bold prediction about the fate of crypto in 2025. Despite stiffer competition from Wall Street giants like BlackRock, he remains optimistic about the future of the crypto.
According to a report by Forbes, Zhao’s predictions for the fate of the crypto are based on historical patterns seen in Bitcoin’s boom and bust cycles.
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The Binance CEO pointed out that the year following the Bitcoin halving, which halved the number of new BTC miners earned, was generally a bullish period.
The next Bitcoin halving is scheduled for April 2024 and will reduce the block yield from 6.25 BTC to just 3.125 BTC.
Zhao thinks the current period of crypto decline will last about another 18 months before the bullish push he anticipates begins.
JPMorgan analysts have predicted that the halving in 2024 could increase the cost of producing new Bitcoins, potentially setting a new price floor for the major crypto.
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Although Zhao admits that it is difficult to see the future fate of the BTC crypto with any precision, he finds parallels between Bitcoin’s past boom and bust cycles.
This indicates the potential for a new price spike that could rise above the nearly $70,000 per BTC it previously reached, which is currently its ATH.
The Impact of ETF Demands and Wall Street Giants
Apart from that, Zhao also discussed the increasing application of spot Bitcoin ETF products in the US led by BlackRock, and found them to be very profitable for the crypto industry.
He believes that the arrival of new players in the crypto space will attract additional users rather than competing with existing users.
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The Binance boss also expressed his confidence in Binance’s user base and mentioned that the overlap with potential new users would be minimal.
Although Binance is facing regulatory research globally, he underscored the exchange’s commitment to finding win-win solutions. [st]
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