Bitcoin will take years to return to $60,000, Binance founder says

Bitcoin will take years to return to $60,000, Binance founder says

Crypto-entrepreneurs, be it Changpeng Zhao, the creator of Binance, or others, regularly make headlines with their predictions about the future of cryptocurrencies. Most often, they turn out to be far from reality, because they are very insecure.

I think that considering the drop in prices, it will take time to get back to the level [des 69 000 dollars] “. Changpeng Zhao, the famous founder of the crypto exchange Binance, is not particularly optimistic about the immediate future of bitcoin prices. In an interview with the English newspaper The Guardian, the entrepreneur explained that he thought it would take at least ” several months or even several years before bitcoin once again found itself above $60,000.

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Will bitcoin stay around $20,000 for 2 years? // Source: Canva

Bitcoin around $20,000 in 2 years?

The entire cryptocurrency market is currently going through a very difficult period. The collapse of the Terra/UST ecosystem, which resulted in the destruction of billions of dollars, destroyed the confidence of investors, as well as the difficulties faced by the Celsius platform and the investment fund 3 Arrows Capital. As for bitcoin, it is at an all-time low, not seen since 2020, and could continue to fall.

Despite his somewhat pessimistic prediction about the future of bitcoin, CZ still wanted to reassure. ” $20,000 is now believed to be very little. But in 2018 and 2019, if you had told people that bitcoin would be at this level, they would have been very happy! Bitcoin was between $3,000 and $6,000 at the time “, he recalls. ” If you look at the price of bitcoin, we are now higher than the last peak. Whether it’s normal or not, I think the industry is still growing and price fluctuations are normal “.

This is not the first time that the price of bitcoin has fallen sharply after breaking a record: the cryptocurrency behaved this way before 2017, when it crossed the $19,000 mark for the first time. After a period of upswing, it quickly lost value before stabilizing.

Bitcoin was worth $19,000 in 2017, before it fell // Source: Numerama screenshot

Predictions are very often random

But CZ still admitted that ” no one could predict the future », and that his estimates may not be correct. However, predictions about the evolution of cryptocurrencies are common. Influencers, experts, analysts and entrepreneurs never hesitate to give their opinions, which regularly make the headlines (as in the article before you, by the way). Although the current market is volatile, news like this is reassuring or worrying – but it can have a significant impact on selling and buying. However, most of the time they are wrong.

In 2021, billionaire Tim Draper predicted that bitcoin would reach $250,000 in 2022. At the beginning of the year, many investors or entrepreneurs said that bitcoin would reach $100,000 in the coming months. Some organizations even predict a 1 million euro bitcoin by 2030 or 2050.

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Better not to believe entrepreneurs’ predictions about the price of crypto // Source: Canva

However, these predictions should be taken with a grain of salt. When they were made, bitcoin was still in the middle of a “bull run”, or a period of growth. Since then, the return of inflation, the rise of key European Central Bank rates and various bankruptcies of crypto companies have cooled the market and hinted at a more turbulent future. New predictions – like CZ’s – reiterate this.

2022 is not over yet – and a return to $100,000, or even $250,000, cannot be ruled out, even if this is unlikely given the current economic situation. However, changes in tone in the predictions of experts and entrepreneurs show that they are not always reliable — and that it is better not to base investments on them.

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