Changpeng “CZ” Zhao, founder and CEO of Binance, has shared his thoughts on the upcoming Bitcoin halving. Using Binance Feed, the X-like social feed of the exchange, Zhao explained that Bitcoin prices won’t double immediately after the halving and that new all-time high (ATH) prices will only happen a year after this event.
Binance CEO on Bitcoin Halving: ‘Price Won’t Double Overnight’
Changpeng Zhao, founder and CEO of Binance, one of the largest cryptocurrency exchanges, has recently shared his thoughts about the events leading to the Bitcoin halving, when the reward given to Bitcoin miners for mining new blocks gets cut in half.
Zhao explained that leading up to the halving, the expectations for the effect of the event on the cryptocurrency market will grow, with media dedicating more space to the subject. CZ stated that as the halving gets closer, “there will be more and more chatter, news, anxiety, expectations, hype, hope, etc.”
However, this focus will change after the halving happens according to CZ, who predicts that the bitcoin prices “won’t double overnight,” with the general public asking why the price did not move according to the hype.
Nonetheless, CZ details that one year after the halving, bitcoin prices will reach new all-time highs (ATH), and people will still look for a reason for this development. He added:
People have short memories. Not saying there is proven causation. And history does NOT predict the future.
More Predictions
For Zhao, the halving is a significant event for the cryptocurrency market. Zhao reported that he already added a Bitcoin halving countdown to Binance’s homepage.
Zhao is not the only one who believes that the halving will spur an increase in bitcoin prices due to the reduction of the bitcoin available on the market and other factors. A report prepared by Blockware Solutions anticipates that the halving could spark a significant price rise, taking bitcoin up to $420,000.
Pantera Capital, a cryptocurrency-focused hedge fund, also predicts a price rise after the halving. In August, the company stated that the reward reduction event might trigger a price increase, taking bitcoin to $148,000.
However, there are also differing opinions on the issue. In July, veteran trader Peter Brandt stated that the possible approval of a Bitcoin EFT and the next halving would be “non-events.”
What do you think about Changpeng Zhao’s thoughts on the next Bitcoin halving? Tell us in the comments section below.
Source: Bitcoin
