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The bear market is the time to buy cheap Bitcoins – Binance CEO

 


During the Bankless podcast, CZ said that investors with excess cash should consider buying cryptocurrencies during the bear market, calling it a " good time to buy ."


The Binance CEO mentioned El Salvador's Michael Saylor and Nayib Bukele, both of whom recently bought Bitcoin following the price drop. CZ said that if investors survive the current bear market, they will have much larger holdings in the next bull market.


In the long term, the industry remains on the upswing. More apps will be developed , there will be more people in the scene and the community will grow if we look at a five, ten or twenty year horizon.


However, CZ said the near-term outlook remains uncertain and markets could rally or fall further in the coming days.

How will the bear market develop?

CZ said it's likely the bear market could be part of a four-year cycle, indicating continued weakness in prices. However, he sees rising inflation pushing people to accept cryptocurrencies.


He also recommends companies hold a cash stash for at least 10 years to weather the market downturn - something he thinks is easier for crypto companies because of the tokens. Binance also has enough reserves to weather the winter, according to CZ.


CZ sees DeFi as the future

The Binance CEO also said that he expects decentralized crypto exchanges to overtake their centralized counterparts at some point. CZ expects such a scenario to play out in the next five to ten years. While he anticipates centralized exchanges will continue to play a role in the market, much of the trading will be conducted through DeFi. CZ said Binance doesn't want to become a bank or a "Facebook." He said the exchange ultimately wants to become like Google by providing a suite of tools for the Web3 market.

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