CZ also suggested that some crypto enthusiasts have lost a sense of perspective… and have forgotten how far the market has come since 2018.
Bitcoin could stay below its all-time high of $68,789 for the next two years, Binance's CEO has warned.
He also suggested that some crypto enthusiasts have lost a sense of perspective… and have forgotten how far the market has come since 2018.
CZ said that, if investors had been told in 2018 that BTC would be trading at $20,000 in 2022, they would have been "very happy."
That was the year BTC witnessed a dramatic plunge from $20,000 to under $4,000 in a little under 12 months — a fall of more than 80%.
It's been seven months since the world's biggest cryptocurrency hit a new all-time high.
CoinMarketCap data shows BTC has fallen by 70% since reaching this record price.
CZ also pointed out that Bitcoin's current bottom is higher than its last peak — and "fluctuations in price are normal" when the market is growing.
The crypto entrepreneur also gave his perspective on the crypto winter, which has led to painful layoffs across many major companies.
He said many businesses are "in a bind" after spending too aggressively during the bull market, but added:
"For projects that have conserved cash, we're still fine, we're still hiring, we’re still growing."
The CEO said he wants to leverage the crypto winter "to the max," with co-founder Yi He telling Fortune magazine that more than 2,000 roles are open and adding:
"The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent."
Binance is the parent company of CoinMarketCap.