BitcoinBTC, ethereum and other major cryptocurrencies, including BNB and XRPXRP, have been turbo-charged by $27 trillion worth of surprise Wall Street interest this year.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster
The bitcoin price has doubled since the beginning of 2023, with some still expecting a China earthquake, adding $300 billion to the combined bitcoin, ethereum, BNB, XRP and crypto market (coming alongside a shock IMF crypto flip).
Now, the chief executive of the world’s largest bitcoin and crypto exchange, the billionaire Changpeng “CZ” Zhao, has issued a 2025 crypto bull run price prediction—dismissing the “threat” to Binance from the likes of BlackRock and other Wall Street giants.
It’s at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
“The year after bitcoin halving is usually the bull year,” CZ said during a question-and-answer Twitter Spaces broadcast this week, forecasting the ongoing bitcoin and crypto price winter could continue for at least another 18 months.
Bitcoin’s upcoming so-called halving—currently scheduled for April next year—will see the number of new bitcoins issued to those who secure the bitcoin network, known as miners, cut by half from the current block reward of 6.25 bitcoin to just 3.125 bitcoin.
Last month, analysts at JPMorgan said they expect bitcoin’s 2024 halving to double the production cost of new bitcoin, potentially setting a new bitcoin price floor.
While CZ said he couldn’t accurately predict the future and warned of the dangers of trying to forecast the bitcoin price, he pointed to bitcoin’s previous boom and bust cycles as one reason for his 2025 bull run price prediction that could see the bitcoin price eclipse its last peak of almost $70,000 per bitcoin.
“I see a lot of parallels with bitcoin’s past cycles with bitcoin’s 2013, 2017 and 2021 bull markets,” CZ said. “If you look to the past, there are clear patterns.”
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
CZ went on to call the recent slew of U.S. bitcoin exchange-traded fund (ETF) applications led by BlackRock (whose chief executive has suddenly flipped on bitcoin) “hugely beneficial” for the crypto industry, at the same time downplaying the potential impact on Binance.
“Anyone who’s coming into crypto that’s not in crypto today will bring additional people into crypto,” CZ said. “Will they compete for any of the existing users with us? Yes, probably a little bit. But to be honest, look at our user base. The overlap is minimal.”
CZ also addressed the global crypto regulatory crackdown that’s left Binance facing probes in the U.S., Europe and across Asia, saying the exchange is seeking “the most expedient, reasonable and mutually agreeable solution possible.”
Follow me on Twitter.
Credit: Source link
