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During a live panel at the Web Summit in Lisbon, Changpeng Zhao, colloquially known as CZ, CEO of crypto exchange Binance, said it was very important for crypto projects to continue developing in a bear market. I shared his view on why. As CZ said:
It’s easier to hire people in a bear market. A year ago, a college graduate who knew a little bit of Solidity programming cost a lot. Salaries didn’t mean much to me, but now they are very It’s getting tough on us. It’s a reasonable level.”
Now it’s easier to hire people and grow them, he said, noting the declining project valuations. Very reasonable. “
CZ explained that the combination of lower labor costs and cheaper projects has created an ideal environment for corporate acquisitions and consolidations. For example, a year ago everyone wanted to sell non-fungible tokens, but now only the most powerful projects are doing it, so the choice is actually much better. .”
Regarding the possibility of the bear market itself ending, CZ noted that a cycle in the cryptocurrency market typically lasts four years, with one year of falling prices, followed by two years of recovery, and a final year of rising prices. The Binance executive and blockchain personality reiterated that he believes in the long-term potential of cryptocurrencies: We are very long-term investors. , 50 or 100 years in the field.
A brief history of#bitcoin I crashed.
2014, #bitcoin ‘Crash’ to $200
2018, #bitcoin ‘Crash’ to $3,000
2022, #bitcoin ‘Crash’ to $20,000
2026, #bitcoin As for “crashed”… I don’t know.Crypto is risky and highly unstable. Learn how to manage risk.
CZ Binance (@cz_binance) November 2, 2022
CZ also noted new signs of an upturn in the market. There are now exponentially more people who trust cryptocurrencies than distrust them. Plus, the industry has grown tremendously over the past years. warned against using historical evidence to make decisions about…”
