Binance chief executive officer Changpeng “CZ” Zhao believes the current global financial climate will provide the catalyst for bitcoin breaking $10,000.
Speaking in a recent interview with Bloomberg’s Market and Finance, CZ commented on the strong resistance bitcoin has faced in crossing $10k, a price barrier that has frustrated investors and analysts alike.
According to Zhao, the battered condition of the global financial markets will lead to an eventual price rally for bitcoin. CZ pointed out bitcoin’s relative ongoing stability, despite the economic fallout from the COVID-19 pandemic and government quantitative easing policies.
He said,
I think sooner or later it’s going to break out. But right now, for the last little while, Bitcoin has been really stable and people have been calling it the stablecoin now.
CZ claimed Binance’s research indicates the crypto markets are undergoing an altcoin season, with more than 60 percent of the exchange’s futures volume being wagered on alts. CZ told Bloomberg the influence of popular figures on alts, including Elon Musk’s tongue-in-cheek support for Dogecoin, has played a role in the market’s rising tide.
Binance’s chief also highlighted the value of bitcoin’s blockchain in light of recent Twitter scams involving cryptocurrency. CZ defended bitcoin by calling it more transparent than traditional fiat.
He said,
Bitcoin is actually more transparent than traditional fiat. If someone robbed the bank, it’s actually quite difficult to trace the fiat cash, whereas with Bitcoin, there is an audit trail and people know there are three addresses now and people are tracking it now.
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