December 28, 2018. The CEO and Co-founder of Binance, Mr. Changpeng Zhao, expressed his thoughts about the cryptocurrency bear market affecting the industry in an interview with Bloomberg. He said that 2018 is the “correction year” for cryptocurrencies.
The CEO of a major cryptocurrency exchange, Binance, is showing optimism amidst the cryptocurrency bear market plaguing traders. According to Mr. Zhao, the year 2018 is a “correction year” for cryptocurrencies. He said that although the “price is a very strong attraction” for speculators, it will still grow because of the builders that created good “real use cases” and help drove cryptocurrency adoption.
When asked about the plans for Binance, he said, “None of our plans changed, we are still pushing forward very aggressively.”
Binance recently launched the very first fiat-to-cryptocurrency exchange in Uganda. This means that the Uganda-fiat can now be traded to BTC and ETH. Additional pairings are also in the works. According to Mr. Zhao, his company plans to continue and launch two to three more “in the next month or so,” and then a total of ten more fiat exchanges in 2019.
In terms of government involvement in the blockchain and cryptocurrency space, the Binance CEO said that the industry “want[s] clarity, there is still too much uncertainty in many countries in the world.”
“[Crypto Industry] want[s] regulation that promotes innovation, and not things that just totally hamper [it].” He concluded by saying that he is still “very confident in the industry.” – Mr. Changpeng Zhao, CEO and Co-Founder, Binance
Mr. Steve Brazier, CEO of a technology research company, Canalys, also expressed his thoughts on the current cryptocurrency bear market. He said that the recent bear market of bitcoin is a sign of its nearing end. With this in mind, he added that this will also affect the usage of blockchain since without the digital currency (cryptocurrencies), it is just your usual spreadsheet.
Mr. Mike Novogratz, a former Wall Street executive, ex-Goldman Sach’s partner, and founder of crypto merchant bank Galaxy Digital, believes that bitcoin will not go lower than $3,000. He said that there is no more room for the price of BTC to go down and will stay around $3000 to $6000.
The Amercian multinational investment bank and financial services company, JPMorgan Chase, on the other hand, believes that the prolonged cryptocurrency bear market is scaring institutional investors.
This article originally appears on BitPinas: Binance CEO: 2018 is the Correction Year of Crypto