The CEO of Binance, Changpeng Zhao, recently said that he expects a crypto bull market in 2023. This is positive news, as crypto has been in a bear market for over a year now. Since Bitcoin’s fall from its all-time high of nearly $69,000, we haven’t seen any major bounce-backs. CZ also said that 2022 had been a very difficult year for Binance and the crypto industry in general. However, it was not very surprising. added CZ.
Crypto industry in 2023
2022 has been a very long and challenging year for crypto. We have seen the collapse of multiple projects like Luna and UST and lending platforms like BlockFi and Celsius Network. The 2nd largest crypto exchange globally, FTX, also collapsed recently after SBF orchestrated one of the biggest scams in US history. He has swindled approximately $8 billion – $10 billion in funds.
And now that 2023 is just around the corner, Binance has published a blog post titled “A Letter From Our CEO: 2022, the Year of Resilience.” CZ is positive about the crypto developments that we have seen in 2022, both in terms of technology and adoption. He also expects that in 2023 we will see an increased demand in crypto, NFT and metaverse as other markets also rebound.
That’s where CZ sees the crypto market in 2023, and their platform Binance will focus on rebuilding user confidence by staying open and offering a better experience. They also plan to promote innovation in WEB3 and blockchain.
Binance is not like other platforms
Being the largest crypto exchange globally, Binance is not like other platforms and also has some responsibilities. He was once asked if all the users of the platform withdraw at the same time, will it be a problem? To this, he replied that everything would be okay because Binance maintains 100% reserves of user holdings. In fact, he said that the customer assets of Binance will be safe even if the platform dies as the assets are stored with Trust Wallet. They have been a leading platform in terms of pushing innovation and boosting the adoption of web3 and cryptocurrency in various nations.
What are your thoughts as Binance CEO Changpeng Zhao says the crypto bull market will return in 2023? And do you think we will see a new all-time high this year? Let us know in the comments below. And if you found our content informative, do share it with your family and friends.