The Binance boss prefers to look at the positives of a protracted recession, including hiring the best workers and acquiring low-priced businesses.
Speaking with Fortune, Binance CEO Changpeng Zhao (CZ) shared his thoughts on the cryptocurrency winter and said he expects it to be long.
However, he added that as losses and platform closures accumulate, he prefers to focus on the positives of a market downturn. CZ said:
“I’m not claiming it’s disastrous. It’s bad.
But when this disaster happens, there are also opportunities ”.
Crippling cryptocurrency outflows are sinking token valuations.
Since the market peak in November 2021, over $ 2 trillion in capital has flown out of the crypto space, which represents a 70% drop in total ratings.
Bitcoin, which has been down 56% year to date, is close to the 2017 bull market peak at $ 20,000. According to Glassnode’s analysis, BTC is expected to drop 64% from this support, which would give a minimum price of around $ 7,500.
In this period, @WatcherGuru tweeted that nearly three-quarters of the top 100 projects are down more than 90% from current-priced ATHs.
FUN FACT: 72 of the top 100 #crypto by market capitalization they are more than 90% below their all-time highs.
—Watcher.Guru (@WatcherGuru) June 17, 2022
According to CZ, the prospects are bleak, but there is an opportunity in this crisis. According to him, the situation is favorable to the integration of the best talent and the acquisition of leading companies at very low prices.
CZ sees the opportunity in the dark
CZ overshadowed the competition by tweeting that Binance was looking to fill 2,000 vacancies within the company. Elaborating further, he said he wanted to complete hiring by the end of the year, which would bring his workforce to 8,000.
Many cryptocurrency exchanges, including Coinbase, Gemini, and Crypto.com, recently announced staff cuts to cope with difficult market conditions.
However, by keeping a tight grip on ad spend, CZ has hinted that Binance is in a strong cash position and can take on when others are downsizing.
As the cryptocurrency winter rages on, CZ described the situation as a slaughter necessary, in which weak projects die, leaving only the strong ones, which will flourish when the good times return.
“While it is painful for many people, it eliminates the weak projects and only the strong ones remain.
All those who last, who survive, will be stronger ”.
As for when that will happen, the Binance boss thinks the recession could last around four years, leading us to 2026.
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