Bitcoin will take years to get back to $60,000, says Binance founder

Crypto entrepreneurs, whether it’s Changpeng Zhao, the creator of Binance, or others, regularly make headlines with their predictions about the future of cryptocurrencies. Most of the time, they turn out to be far from reality, because they are very uncertain.

I think that given the drop in prices, it will take time to get back to the level [des 69 000 dollars] “. Changpeng Zhao, the celebrated founder of crypto exchange Binance, isn’t particularly optimistic about the immediate future of bitcoin prices. In an interview with the English newspaper The Guardian, the entrepreneur explained that he thought it would take at least ” a few months or even a couple of years before bitcoin found itself back above $60,000.

Will bitcoin stay around $20,000 for 2 years? // Source: Canva

A bitcoin around 20,000 dollars for 2 years?

The entire cryptocurrency market is currently going through a very difficult time. The collapse of the Terra/UST ecosystem, which resulted in the destruction of billions of dollars, dampened investor confidence, as did the difficulties faced by the platform Celsius and the investment fund 3 Arrows Capital. As for bitcoin, it is at a historically low level, not seen since 2020, and could continue to fall.

Despite his somewhat pessimistic prediction on the future of bitcoin, CZ nevertheless wanted to reassure. ” It is now believed that $20,000 is very low. But in 2018 and 2019, if you had told people that bitcoin would be at this level, they would have been very happy! Bitcoin was between $3,000 and $6,000 at that time “, he recalls. ” If you look at the bitcoin price, now we are higher than the last peak. Whether it is normal or not, I think the industry is still growing, and the price fluctuation is normal “.

This is not the first time that the price of bitcoin has fallen sharply after breaking a record: the cryptocurrency had this behavior before in 2017, when it passed the $19,000 mark for the first time. After a period of rise, it had rapidly lost value before stabilizing.

Bitcoin was worth $19,000 in 2017, before falling // Source: Numerama screenshot

Predictions are very often random

But CZ admitted, however, that “ no one could predict the future », and that his estimates might not be the right ones. Predictions on the evolution of cryptos are however common. Influencers, specialists, analysts and entrepreneurs never hesitate to give their opinions, which regularly make the headlines (as in the article in front of you, by the way). While the current market is unstable, news like this is reassuring, or else worrying — but it can have a significant impact on sales and purchases. Yet most of the time they are wrong.

In 2021, billionaire Tim Draper predicted that bitcoin would reach $250,000 in 2022. At the beginning of the year, many investors or entrepreneurs said that bitcoin would reach $100,000 in the following months. . Some organizations even predict a 1 million euro bitcoin by 2030 or 2050.

Bitcoin (5)
Better not trust the predictions of entrepreneurs on the price of crypto // Source: Canva

However, these predictions should be taken with a grain of salt. When they were made, bitcoin was still in the middle of a “bull run”, that is to say in a period of growth. Since then, the return of inflation, the rise in the key rates of the European Central Bank and the various bankruptcies of crypto companies have thrown a chill on the market and suggest a more turbulent future. New predictions — like CZ’s — echo this.

The year 2022 is not over yet – and a rebound to $100,000, or even $250,000, cannot be ruled out, even if given the current economic situation, it is unlikely. Nevertheless, the changes in tone in the predictions of specialists and entrepreneurs show that they are not always reliable — and that it is better not to base investments on them.

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