The current financial year was depressively bearish in the crypto market, especially for exchanges. However, Binance CEO, Changpeng Zhao, popularly known as “CZ” seems unaffected.
Zhao is quite confident about the performance of his startup. He said that his startup is doing just fine. Further detailing about Binance’s graph since January 2018 he stated, “If you compare [volumes] to July or August, we are probably down a little bit because now, [crypto] prices are very stable. And when there are no movements in price, people trade less — so that’s kind of understandable.”
He indicated that compared to one or two years ago, this industry is still booming in a relative sense. He added, “If you compare [our volumes now] to two or three years ago, the volume here right now is great, and there has always been of hundreds, if not thousands of exchanges in our space. So business is still okay, and we’re still profitable and healthy.”
Although, Zhao noted that Binance’s user base isn’t expanding as it did in January/February, but its service is still signing up a “steady amount of new users every day.” He elaborated that the number of Bitcoin (BTC) that Binance has in its cold wallets has been steadily increasing, which points out that traders trust the exchange more or they are preparing for the next bull run.
With that, Zhao claimed that while the market is in a “slow-down period,” indicators look quite healthy. Zhao strongly believes that “something will trigger” a bull run (much awaited), “sooner or later.”
Binance has unveiled that it is welcoming institutional investors, thus, laying the groundwork for capital. Notably, many in the cryptocurrency sector are hoping for it to arrive from institutional investors as well as high net individuals.
Apart from that, the chief executive of Shapeshift Erik Voorhees commented that U.S. debt will be the trigger for the next bitcoin price surge.
According to his tweet, “When the next global financial crisis occurs, and the world realizes organizations with $20 trillion in debt can’t possibly ever pay it back and thus must print it instead, and thus fiat is doomed. Watch what happens to crypto.”