Binance CEO Changpeng “CZ” Zhao offered his prediction for the next Bitcoin bull market.
During a July 5 "ask me anything" session on Twitter, CZ addressed BlackRock's intentions to enter the crypto market, updated listeners on ongoing regulatory actions against the exchange, and offered his thoughts on the next bull market.
CZ explained that Bitcoin's price has historically moved in four-year bull cycles and his best bet is that this will continue to happen.
While Zhao admitted that he cannot foresee the future, he highlighted the upcoming Bitcoin halving event in 2024 and declared 2025 as the most likely year for the next bull market:
“The year after the Bitcoin halving is usually a bull year.”
When asked if he was concerned about BlackRock's latest entry into the spot Bitcoin exchange-traded fund arena, CZ welcomed it, saying it was "extremely beneficial" to the crypto industry.
Since the firm's filing on June 15, many have expressed concerns that the intent of major TradFi firms is in direct opposition to the ethos of Bitcoin as a decentralized money network.
Zhao also dismissed concerns that BlackRock could eat into Binance's market share in the future, describing the overlap between their respective customer bases as "minimal."
"Anyone who gets into crypto that isn't in crypto today will bring additional people into crypto. Will they compete with us for any of the existing users? Yes, probably quite a bit. But honestly, look at our user base. The overlap is minimal."
Zhao explained that increased institutional interest and Bitcoin's upcoming halving are two key reasons why Binance wants to "be prepared for higher trading volumes" over the next eighteen months.
Zhao's comments came just hours after BlackRock CEO Larry Fink praised Bitcoin as an "international asset" and said it could be used to hedge against inflation and the devaluation of certain fiat currencies.
During the Twitter Space, Zhao was also questioned about the status of regulatory action against his exchange. While Zhao acknowledged that he could not discuss details, he said that he and Binance were seeking "the most appropriate, reasonable and mutually acceptable solution possible."
