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The price of Bitcoin has doubled since the start of 2023, and some people are still predicting an earthquake in China that will add $300 billion to the combined Bitcoin, Ethereum, BNB, XRP, and cryptocurrency markets (along with the crypto crash). . happened). The surprise of the International Monetary Fund.
Now the CEO of the world's largest bitcoin and cryptocurrency exchange, billionaire Changpeng "CZ" Zhao, has released his 2025 cryptocurrency price predictions, dismissing Binance's "threats" to BlackRock and other Wall Street giants.
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Changpeng "CZ" Zhao, the founder and CEO of the leading cryptocurrency exchange Binance ... [+]
"The year after a bitcoin halving is usually an up year," CZ said in a Twitter Spaces Q&A this week, predicting that the ongoing winter in bitcoin and cryptocurrency prices will last at least 18 months.
The upcoming Bitcoin halving, currently scheduled for April next year, will see the number of new Bitcoins issued to those who maintain the security of the Bitcoin network, known as miners, be halved from the current block reward of 6.25 BTC to 3,125 BTC.
Last month, JPMorgan analysts said the cost of producing new bitcoin will double when the bitcoin halving happens in 2024, which could set a new floor for bitcoin prices.
While CZ says he can't accurately predict the future and warns of the dangers of trying to predict Bitcoin prices, he points to previous Bitcoin boom and bust cycles as the reason for his bullish price forecast for 2025, which could lead to higher Bitcoin prices. can cause Its last high was $70,000 per bitcoin.
"I see a lot of similarities with previous Bitcoin cycles and the Bitcoin bull markets of 2013, 2017 and 2021," CZ said. "If you look back, there's a clear pattern."
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Bitcoin has recently experienced a boom-bust cycle that started in 2020. Bitcoin price in the Czech Republic ... [+]
CZ described an auction of exchange-traded funds (ETFs) led by BlackRock in the US as "very beneficial" for the cryptocurrency industry, while downplaying its potential impact. com. binance
"Anyone who's involved in crypto right now, but not involved in cryptocurrencies, will attract more people to cryptocurrencies," CZ said. "Are they going to compete with us for existing users? Yes, maybe a little bit. But honestly, look at our user bases. The overlap is minimal."
CZ also discussed the crypto crackdown Binance has investigated across the US, Europe and Asia, saying the exchange is looking for "the most appropriate, reasonable and acceptable solution".
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