Although the current price status of bitcoin and other cryptocurrencies are not looking so good, Binance’s CEO, Zhao Changpeng, from his one year sneak peek into the crypto market, is still bullish even on the current downtrend.
While appearing on Nextdocumentary, Changpeng indicated that there is no need to worry as the market is in a good shape now than in the last one year.
Although you may dispute his remarks, a quick glance into 2017 indicate that bitcoin started trading at around 900 US dollars and throughout the year, bitcoin was in a bullish trend reaching 20,000 US dollars peak by the close of the year.
Apart from prices, the trading volume of the leading digital coin has jumped from less than one billion to the current 3,400,000 according to coinmarketcap.
With the cryptocurrency space not having any recognizable infrastructure in 2017, Zhao is bullish that the current efforts by governments to legally recognize digital assets are leading to the current solid status of the market compared to last year.
Changpeng is banking on the current entrance by major financial institutions like JPMorgan who are getting into the cryptocurrency space.
With the number of crypto-focused firms on the rise and most of them seeking to be regulated by the government, more cryptocurrency traders, both retail and institutional, are bound to board the crypto train soon pushing the market even further.
Recently, Lloyd Blankfein, the CEO of Goldman Sachs, boosted temperatures in the crypto market after indicating that major financial institution and governments across the world are wrong to think that digital currencies won’t succeed. He continued to say that virtual currencies are likely to succeed even though they are based on a new technology.
Do you think Zhao’s one year sneak peek into the crypto market is a true reflection of the market promising upward trend even in the current bearish experience?
Let us know your thoughts in the comments section below.