CZ Binance

CZ Binance explains why it’s so important to be building during the bear market

One of the crypto industry’s top executives explains why: cheaper labor and business acquisition.

CZ Binance

Binance CEO Changpeng Zhao “CZ” spoke on a live panel at the Web Summit in Lisbon, explaining why he thinks it’s crucial for cryptocurrency projects to keep moving forward despite the bear market. This is what CZ has to say about it:

“It’s easier to hire talent in the bear market. A year ago, a college graduate knowing a little bit of Solidity programming cost a lot of money. The salaries just didn’t make much sense to me, but now it’s come down to very reasonable levels.”

“Now it’s easy to hire people and grow,” he said, while also pointing to the declines in project valuations: “A year ago, every project with a test product or six-page white papers was worth $100 million. Currently, the valuation is very reasonable.”

CZ stated that the low labor costs and cheap project costs have created a favorable environment for mergers and acquisitions. A year ago, for instance, everyone wanted to sell a nonfungible token, but now only the strongest of projects are doing it, so the selection is much better.

Concerning the bear market’s potential conclusion, CZ noted that four-year crypto market cycles typically consist of one year of falling prices, two years of recovery, and a final year of rising prices. The executive at Binance and blockchain celebrity also restated his faith in crypto’s eventual success.

A brief history of “#bitcoin crashed”…

2014, #bitcoin “crashed” to $200
2018, #bitcoin “crashed” to $3,000
2022, #bitcoin “crashed” to $20,000
2026, #bitcoin “crashed” to … no idea.

Crypto is high-risk and highly volatile. Learn to manage your risks.

— CZ Binance (@cz_binance) November 2, 2022

CZ also pointed to developing indicators of a turnaround in the market, saying, “Right now, there are exponentially more people now trusting crypto rather than not trusting them.” Also, over the past several years, the industry has expanded dramatically. “We are close to a year into this bear market, but I cannot predict the future because, at the end of the day, history does not predict the future,” he said, warning against making predictions based on past events.

Continue Reading on Coin Telegraph

Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.







One response to “CZ Binance explains why it’s so important to be building during the bear market”

  1. […] hawkish stance. Some coins, like Bitgert (BRISE) and Centcex (CENX), have done pretty well in this bear market. The signs of a bull run have been […]

Leave a Reply

Your email address will not be published. Required fields are marked *