After an uproar of high-profile exchange-traded fund registrations, Bitcoin is trading at over $30,000 per coin as institutional money flows into the market.
While discussing BlackRock’s massive foray into the cryptocurrency sector, Binance CEO Changpeng “CZ” Zhao recently predicted the next parabolic Bitcoin bull run.
Changpeng Zhao, CEO of Binance, has stated when he thinks the next significant bull run would begin. During a question and answer session on Twitter on July 5th, Zhao said that he thought the price of Bitcoin will continue to fluctuate in cycles that lasted four years.
Predictably, Bitcoin prices spike in the months after a reduction in mining payouts. To begin in early 2024, the fourth halving will occur.
Zhao also noted that BlackRock’s recent entry into the spot bitcoin exchange-traded fund region is “hugely beneficial” for the embryonic cryptocurrency market during the “ask me anything” session.
A Bitcoin exchange-traded fund (ETF) was submitted to the U.S. Securities and Exchange Commission (SEC) a few weeks ago by BlackRock, the biggest asset manager in the world. BlackRock now manages assets worth $9.5 trillion.
As virtually all of the banking giant’s ETF filings have been approved by the SEC, experts believe the chances are in its favour, putting them at 575-1.
Although the price of bitcoin is now far lower than its all-time high of $69,044 set in November 2021, one thing is certain: In 2023, it soared above forecasts, increasing by almost 85% from its $17,000 value at the start of the year. Since BlackRock’s spot ETF registration, BTC has soared by almost 20% as many other corporations hurried to follow suit.
Further, Zhao dispelled concerns that BlackRock might eventually steal away Binance’s clients by saying there was “minimal” overlap between the two companies clients.
According to Zhao, Binance plans to be “prepared for higher [trading] volumes” in the next eighteen months as a result of increased institutional demand and Bitcoin’s upcoming halving.
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