for the CEO of Binance, the largest cryptocurrency exchange in the world, cryptocurrency crash is a normal situation that is part of market cycles. According to Changpeng Zhao (CZ), the current crisis is far from over and could last around four years.
Wednesday, CZ revealed that Binance is looking to fill 2,000 vacancies in the company. He said he wants to complete hiring by the end of the year, which would bring his workforce up to 8,000.
Many cryptocurrency exchanges, including Coinbase, announcement recent staff reductions. However, CZ hinted that Binance is in a strong cash position and can hire when other companies lay off.
The crash is far from over
As cryptocurrencies face a steep downturn, CZ described the situation as necessary, in which weak projects die, leaving only strong projects, which will thrive when the good times return.
“Although this is painful for many people, it eliminates weak projects, and only the strongest remain. All who survive will be stronger.
For CZ, the crash is far from over and could last four years if the current cycle is the same as the previous ones.
“It’s bad and historically it’s in four-year cycles, but history doesn’t predict the future. “But when this disaster happens, there are also opportunities.”
The price of bitcoin has fallen 11% in the past 24 hours, hitting below $18,000, the lowest in two years. This sent a wave of panic through the cryptocurrency market, with Bitcoin holders expressing fear of a potential crash.
As a result, Bitcoin investors are panic selling, forcing the digital currency’s market capitalization to drop over $43 billion from $390 billion to $345 billion.
Speaking of which, CZ said he went through three bear markets and waited until the market rallied.
He revealed how the value of his Bitcoin investment went from $20,000 to $3,000 in 2017.
“This is my 3rd cycle. In 2013 it went to $1000, then it went down to $200, for a year. 2017 went to $20,000, then went down to $3000, also for a year. In 2021, it rose to $68,000 and fell to $20,000. Said CZ on Twitter.
“Can you discern a logical pattern? I bought a few bitcoins in 2014, at an average cost of around $600, just before I hit $200. The rest is history. – Completed.
Q: CZ, how do you see this market?
I do not know. This is my 3rd cycle.
2013 ATH $1,000, then $200 minimum for one year.
2017 ATH $20,000, then $3,000 minimum for one year.
2021 ATH $68,000, $20,000 minimum…
I’m not a good TA, but do you see a trend?
— CZ 🔶 Binance (@cz_binance) June 18, 2022
CZ also said he expects many companies in the sector to struggle or fail during the bear market, but the space will eventually come back stronger than it was.
“While many projects and exchanges struggle in the bear market, many will come back stronger than before. Those who honestly fail will launch new projects and learn critical lessons from the experience. This is how an industry grows. .
Although we benefit from the experience of previous cycles, we are not immune to this cycle either. We will do a deep self-inflection to better prepare for the next bull market. »