Binance CEO Changpeng Zhao (CZ) spoken with Fortune about crypto winters and predicted it will be a lengthy one. However, when the losses and platform closures increase, he prefers to focus on the good sides of a market collapse.
Changpeng Zhao said: “I’m not debating that it is disastrous. It is bad. But when this disaster is happening, there is also opportunity.”
Crypto withdrawals are affecting token valuations
Over $2 trillion in capital has fled the crypto ecosystem since the market peak in November 2021, reflecting a 70% drop in total valuations.
Bitcoin, the market leader, is down 56% year to date and is surpassing the 2017 bull market high of $20,000. According to Glassnode, BTC might fall up to 64% from here, resulting in a low price of around $7,500.
Meanwhile, WatcherGuru stated that over three-quarters of the top 100 projects are down more than 90% from their ATHs at current pricing.
According to CZ, the outlook looks uncertain, but there is chance in the midst of the chaos. He feels the time has come to bring in the best talent and buy top companies at rock-bottom rates.
CZ sees opportunity in the dark
On Wednesday, CZ threw shade at the competition by tweeting that Binance is looking to fill 2,000 vacancies at the firm. Elaborating further, he said he wants to complete hiring by the year-end, which would increase its staff to 8,000.
Many cryptocurrency exchanges, including Coinbase, Gemini, and Crypto.com, have already announced employee reductions in order to combat the volatile trading environment.
CZ, on the other hand, indicated that Binance is in a strong finance and can hire when others are eliminating numbers by keeping a tight control on advertising spending.
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