Changpeng Zhao, CEO of the cryptoexchange Binance, is not sure what will bring Bitcoin back to $10,000, but he has commented on the recent stability of the token.
In a July 19 interview with Bloomberg Daybreak: Asia, Zhao, also known as CZ, commented on the low-volatility record of cryptomoney. Bitcoin (BTC) has had very few large moves for weeks; the token has remained between USD 9,000 and 9,500. The price of BTC is USD 9,175 at the time of this issue.
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„I think sooner or later it’s going to blow up,“ said CZ. „But right now Bitcoin has been stable. People have been calling it ’stablecoin‘ now.“
Misconceptions about safe havens
The Binance CEO said that, at the moment, Bitcoin Rush was too correlated with traditional markets to be the safe haven asset that many investors hope it will be.
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„It has a carry-over effect,“ CZ said, comparing the price of certain assets with the floats adjacent to the Titanic:
„The stock market is probably a thousand times bigger than the cryptomarket. When that goes down, and a lot of people will be losing a lot of money, a lot of those people who have crypto investments will want to turn those investments into cash.
However, in the long term, Binance’s CEO says that „Bitcoin’s safe haven properties will come in time.
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McAfee’s words pass without incident
CZ’s observation of Bitcoin’s stability comes just days after the third anniversary of John McAfee saying he would „eat his own penis on national television“ if the price didn’t rise to $500,000 in three years. It wasn’t until May that the businessman finally said the bet was „silly“ and a joke.