After the recent stock market fall, the price of Bitcoin (BTC) may stay below its all-time high of $69,000 for at least two years, according to Changpeng Zhao, CEO of Binance, the largest cryptocurrency exchange in the world.
Last week, the market capitalization of the cryptocurrency with the greatest market cap traded below $20,000. For investors who still retain sizable positions in the coin, the decline represented more losses.
Zhao said that if he had informed them that BTC will be worth $20,000 in 2022 four years ago, they would have been “extremely thrilled.”
“Given the price decline from the all-time high of 68k to 20k, I believe it will take some time for the price to recover “On Thursday, he spoke with The Guardian. “It could take a few weeks, months, or even years.”
The creator of Binance thinks that $20,000 is “extremely low today.” However, if you told folks in 2018 or 2019 that bitcoin will cost $20,000 in 2022, they would be overjoyed. Bitcoin was between $3,000 and $6,000 throughout 2018–19.
Zhao chose not to respond to a Bloomberg article claiming that the US Securities and Exchange Commission (SEC), the country’s financial watchdog, is looking into Binance.
In connection with the release of its BNB token’s initial coin offering, which is a method used by businesses to obtain capital, the platform was accused of allegedly breaking securities laws in 2017.
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